New Delhi: Anil Ambani, Chairperson of Reliance Group told the Court in the UK that his net worth is zero and expressed his inability to repay the loans given by three Chinese banks.
Alleged breach of personal guarantee
During the hearing of the lawsuit filed by the banks, it is alleged that Ambani breached the personal guarantee. The banks claimed that debt refinancing loan of around $925 million was given to Reliance Communications in the month of February 2012 after he personally guaranteed the loan.
Rejecting the claim, Ambani said that guarantee was never tied to personal assets.
Giving the details of Ambani’s investment, his lawyer, Robert Howe informed the court that his investment started falling down since 2012.
The value of Ambani’s investment dropped from $7 billion in 2012 to $89 million now. If liabilities are taken into consideration, his net worth is zero.
In response to the claims made by Ambani’s lawyer, the banks’ counsel referred to his lavish lifestyle.
Barrister Bankim Thanki also questioned that it is very difficult to believe that Ambani will not get help from mother, wife and sons.
Court order Ambani to deposit $100 million
After hearing the arguments of both the side, Judge David Waksman ordered Ambani to deposit $100 million within six weeks.
Both side are confident that court will consider their claims.