The Economic Times
English EditionEnglish Editionहिन्दी
| E-Paper
Search
+

    Will take all legal routes to recover $717 million, say Chinese Banks to Anil Ambani

    Synopsis

    Ambani stated in court that his expenses are “minimal,” he doesn’t have a “lavish lifestyle” and has had to sell jewellery to meet legal expenses.

    Anil Ambani (File photo)
    Mumbai: Three Chinese banks said they will pursue all legal routes to recover $717 million (₹5,306 crore) from Anil Ambani, which the Reliance Group chairman was ordered to cough up by a UK court in May.

    Ambani stated in court that his expenses are “minimal,” he doesn’t have a “lavish lifestyle” and has had to sell jewellery to meet legal expenses.

    However, after Friday’s hearings, a joint statement by Industrial and Commercial Bank of China, Export-Import Bank of China and China Development Bank read, “The banks will use the information from the cross-examination to pursue all available legal avenues to protect their rights and recover the outstanding loans owed to them.”

    The Chinese banks sued Ambani in London for allegedly failing to repay $708 million of loans, including interests, for which he had been a personal guarantor.

    Lawyer Bankim Thanki, representing the Chinese trio, reportedly asked if Ambani was living in a rent-free property owned by his elder brother, Reliance Industries chairman Mukesh Ambani. Anil Ambani reportedly replied in the affirmative.

    “My expenses are minimal and are being borne by (my) wife and family,” he said during the four-hour cross-examination on his financial means. “I don’t have a lavish lifestyle, and no other income. I met legal expense by sale of jewellery, and if I have to meet further expenses, (it) will be subject to approval by the court to dispose of other assets.”

    On June 29, the high court ordered Ambani to file an affidavit detailing assets exceeding $100,000.

    Just before the hearing on Friday, Ambani got an order that his financial documents should not be made available to a third party. Though he also sought that the matter be heard in private, the court denied the request. Ambani attended the hearing virtually.

    After the hearing, his spokesperson said, “Mr Anil Ambani has always been a simple man of simple tastes... Reports that suggest otherwise are completely misleading.”
    (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Also Read

    34 Comments on this Story

    Ds 28 days ago
    I would be happy if China attacks this ROGUE ENTERPRENEUR which many Indians will accept - instead of China fighting with India on LAC.
    Mihir28 days ago
    Anil Ambani should be put in China jail. He is a cheater and cheated investor who had invested since the era of Dhirubhai
    Vidushak ������28 days ago
    In 2009, Reliance ADAG chairman Anil Ambani hit out at the group’s “known corporate rivals” after the government appointed auditor's report mentioned discrepancies in accounting of Reliance Communications’ revenues. He also said that ADAG would lodge a formal complaint with the Securities and Exchange Board of India (SEBI) “to probe the hammering of our group stocks over the past few days.” 
    In 2012, investment research firm VERITAS DOWNGRADED RELIANCE COMMUNICATIONS LTD OVER ACCOUNTING AND GOVERNANCE.
    Since the MBA from the Wharton School of the University of Pennsylvania doesn't seemed to have helped, the banks must take permission for the court and take him to China and “re-educate” him in accounting and fiscal discipline. 😆😁😆😁😆
    The Economic Times