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Anil Ambani Says He Is Left With No Money
By: Tupaki Desk | 8 Feb 2020 6:01 AM GMT
Fighting a bid filed by the Top Chinese banks in a UK Court to recover $680 million from Anil Ambani the chairman of the Reliance Group, his lawyers said that Anil was a wealthy businessman but not anymore.
They even said that Anil was effected by some disastrous events in the telecom market in India.
In the UK Court, the Mumbai branch of the Industrial and Commercial Bank of China, China Development Bank and Exim Bank of China have requested a summary judgment against the Indian Businessman on an alleged breach of a personal guarantee over the debt refinancing loan amount of around $925 million in February 2012.
Reportedly Anil Ambani said he can’t agree for a personal guarantee as if he fails to do so the UK court will take severe actions against him.
"The value of Mr. Ambani's investments has collapsed since 2012. The Indian telecom sector in particular has been dramatically hit by the Indian government's change of policy in relation to the grant of spectrum," his lawyers said.
"Whereas Mr Ambani's investments were worth more than $7 billion in 2012, they are now worth $89 million, and his net worth is zero once his liabilities are taken into account... Quite simply, he was a wealthy businessman, now he is not," he added.
"ADA's (Anil Dhirajlal Ambani) brother Mukesh is widely regarded as the wealthiest man in Asia and is ranked by Forbes as the 13th richest person in the world and by Bloomberg as the 14th richest person in the world. He has an estimated net worth of $55 to 57 billion," the bank’s defense said.
They even said that Anil was effected by some disastrous events in the telecom market in India.
In the UK Court, the Mumbai branch of the Industrial and Commercial Bank of China, China Development Bank and Exim Bank of China have requested a summary judgment against the Indian Businessman on an alleged breach of a personal guarantee over the debt refinancing loan amount of around $925 million in February 2012.
Reportedly Anil Ambani said he can’t agree for a personal guarantee as if he fails to do so the UK court will take severe actions against him.
"The value of Mr. Ambani's investments has collapsed since 2012. The Indian telecom sector in particular has been dramatically hit by the Indian government's change of policy in relation to the grant of spectrum," his lawyers said.
"Whereas Mr Ambani's investments were worth more than $7 billion in 2012, they are now worth $89 million, and his net worth is zero once his liabilities are taken into account... Quite simply, he was a wealthy businessman, now he is not," he added.
"ADA's (Anil Dhirajlal Ambani) brother Mukesh is widely regarded as the wealthiest man in Asia and is ranked by Forbes as the 13th richest person in the world and by Bloomberg as the 14th richest person in the world. He has an estimated net worth of $55 to 57 billion," the bank’s defense said.
