Updated: September 26, 2020 7:41:05 pm
Ambani testified via video link for the first time from Mumbai, in an English-language lawsuit over a dispute stemming from a delinquent loan. (Bloomberg)
Former billionaire Anil Ambani rebuffed a judge’s comment that he lived a “lavish lifestyle” when faced with questions about his assets from lawyers acting for a trio of Chinese banks.
Ambani testified via video link for the first time from Mumbai, in an English-language lawsuit over a dispute stemming from a delinquent loan. The mogul, who has previously called his net worth “zero,” was questioned about his expenses and finances, including more than $ 100 million in family loans.
Three state-controlled Chinese banks have pursued Ambani for more than $ 700 million in a London court, arguing that they provided funds to his Reliance Communications Ltd. in 2012 on the condition that he personally guarantee the debt. After obtaining a ruling forcing Ambani to make payments, the banks have yet to receive funds.
“He is fighting tooth and nail to avoid having to pay us a penny,” said the banks’ lawyer, Bankim Thanki, of Ambani.
Ambani, the younger brother of the richest man in Asia, said a judge was wrong to say that he had lived a luxurious lifestyle, insisting that he was a marathon runner who did not drink, smoke or play.
“I think I should respectfully put it in perspective,” Ambani said. “My needs are not huge and my lifestyle is very disciplined.”
“Any suggestion of a luxurious lifestyle in the past, present and future is completely speculative,” he said.
Ambani was accused of putting his assets out of the reach of his creditors by putting ownership in corporate entities. The family art collection was owned by his wife, he said. The luxury motor yacht, which was used by family members but not by Ambani himself, who said he suffered from seasickness, was also owned by a company, he said.
Ambani had always said that he never made a personal guarantee, something that he had dismissed as “extraordinary potential personal liability.”
On Friday, Ambani was screened for credit card spending at luxury stores, including Harrod’s, which he said was made by his mother on her cards. He was also questioned about a $ 66 million loan from his mother, Kokilaben Ambani, and a $ 41 million loan from his son. He said he did not remember the terms of the loans, but insisted they were not gifts.
The former billionaire “has always been a straightforward man with simple tastes, contrary to exaggerated perceptions of his extravagance and lavish lifestyle,” an Ambani spokesman said in a statement. “He is also a lifelong vegetarian, teetotaler and non-smoker who would rather watch a movie at home with his kids than go out into town.”
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