Anil Ambani, brother of Asia’s richest man Mukesh Ambani, was also requested to pay $ 100 million in his dispute with three Chinese banks, to avoid this, he also requested poverty.
Anil Ambani said, “The value of my loan has collapsed.” “My net worth is zero after taking into account my liabilities. In summary, I do not have any meaningful assets that can be liquidated for the purposes of these proceedings. ”
He was sued by three goverment Chinese banks, who argued that he had provided a $ 925 million loan to Ambani’s Reliance CommunicationsE-6.25% Ltd in 2012, subject to his personal loan guarantee. Will give All of Ambani’s comments were disclosed by the bank as he tried to avoid depositing millions of dollars in the lawsuit.
On Friday evening, Chinese Court Judge David Waxman ordered Ambani to deposit $ 100 million in the court account within six weeks. Ambani plans to appeal against this decision.
The Indian tycoon states that when he agreed to give the “personal comfort letter” a non-binding “personal comfort letter”, he has – as an “extraordinary potential personal liability”.
Mukesh Ambani, 60, is the brother of Anil Ambani, who has assets of $ 56.5 billion and is the richest person in Asia. On the other hand, Anil has lost its billionaire status in a few years due to its market value shrinking. His Reliance Communications appealed for bankruptcy last year.
The Chinese judge said that Anil clearly has more assets and income than he is paying in court. “The work I am doing is an exceptionally wealthy family who has helped each other in the past.” Waxman said he does not believe that Ambani’s family “strongly and improperly brought the shutdown down.”
Ambani’s lawyer, Robert Howe, had argued in court that the court should not order his client to pay what he cannot pay. Howe has said that the tycoon argues that to do so he needs to be ordered so that his ability to defend himself in the case is hampered,
“Mr. Ambani is reviewing the U.K. court order and will seek legal advice as to further measures in the appeal,” representatives of Ambani’s Reliance Group said.
‘Opportunistic effort’
Bankim Thanki, representing the Court of Industrial and Commercial Bank of China Ltd., China Development Bank and Export-Import Bank of China, said in his petition that Ambani’s statement was “a statement to lenders to discharge their financial obligations And opportunistic efforts “. ”
Banks said in a statement, “We hope Mr. Ambani will follow the court order and look forward to a speedy resolution of the lawsuit.”
Earlier, Anil Ambani was caught in another legal grip last year when the Supreme Court of India ordered him to be jailed after he failed to pay 5.5 billion rupees ($ 77 million) to Reliance Communications. The judges gave him a month’s time to arrange the funds and his elder brother Mukesh stepped in on time to pay and helped him.
After the death of Dhirubhai Ambani, the two brothers partnered with the property and due to this, there was a feud between the two. Mukesh’s oil and petrochemicals business found in this division has increased, Anil’s assets have decreased.
Anil said in a report that he considered that the judges wanted to know if he could fulfill any order to infuse funds from outside resources including his family.
Waxman said in an earlier ruling that he believed Ambani’s defense to be “opportunistic and inaccurate”.
“I can confirm that I have made inquiries, but I am unable to raise any finance from external sources,” he said.
“There is a huge risk they will never get back,” Howe said.
Ambani representatives said that the order relates to a personal liability of Mr. Ambani and will not have any impact on the operations of Reliance Infrastructure Limited, Reliance Power Limited and Reliance Capital Limited.
Ambani’s lawyer told the judge that the relatives of the tycoon were unlikely to lend any funds as a result of the comments.
