Anil Ambani, President of the ADAG Group (File photo) | Photo credit: IANS
Key points
- The UK court ordered Ambani to list all of its assets around the world after it failed to clear installments worth $ 717 million to three Chinese banks in June.
- Ambani said that media reports on his lifestyle are speculative, as he is a “simple man of simple tastes.”
- He denied having a Rolls Royce and said he only has one car
London: Anil Ambani, the embattled chairman of Anil Dhirubhai Ambani Group (ADAG), which went from being the sixth richest person on the planet to having ‘zero net worth’, told a UK court on Friday that he sold all of his jewelry to pay. legal fees. for the current case. The younger brother of the richest man in Asia, Mukesh Ambani, also told the UK court that he is a “simple man with simple tastes” and that he only owns one car.
The indebted businessman said he received Rs 9.9 crore after selling all his jewelry between January and June 2020 and owns “nothing significant”, according to a India Times report. He also said that “speculative media stories” about his lifestyle were greatly exaggerated when asked about his fleet of cars. “I have never owned a Rolls Royce. I use only one car today, ”Ambani said in the report.
The businessman made the claims during the hearing of a lawsuit filed by three Chinese companies for an alleged breach of personal guarantee on a debt refinancing loan.
The three Chinese state-owned banks that sued are the Industrial and Commercial Bank of China, the Development Bank of China and the Exim Bank of China. They claim Ambani owes them a whopping $ 680 million in installments following an alleged breach of personal guarantee on a debt refinance loan of about $ 925 million.
“My expenses are minimal and are in charge of my wife and my family,” Ambani added. “I don’t have a luxurious lifestyle or other income. I covered legal expenses by selling jewelry and, if I have to cover other expenses, [it] will be subject to court approval to dispose of other assets. “
On May 22, the UK court asked him to pay $ 716.9 million or Rs 5,821 crore and $ 750,000 or Rs 7 crore in legal costs to Chinese banks before June 12. On June 15, Chinese banks led by the Industrial and Commerce Bank of China sought disclosure of Ambani’s assets after it failed to pay fees that are yet to be paid, the report says.
On June 29, Ambani was ordered by the UK court to deliver an affidavit of all his possessions around the world exceeding $ 100,000 or Rs 74 lakh, whether owned or not, whether proprietary or proprietary. jointly, and if you are interested in them legally, beneficially or otherwise.
“My expenses are minimal and are in charge of my wife and my family. I do not have a luxurious lifestyle or other income. I covered legal expenses by selling jewelry and if I have to cover other expenses, (this) will be subject to the approval of the assets, ”Ambani told the court in a virtual hearing in which he appeared from India.
What is the Tina and Anil Ambani collection?
The plaintiffs’ legal team represented by Bankim Thanki QC also questioned the works of art held by the “Tina and Anil Ambani collection”. After the president of ADAG stated that he only had a work of art worth $ 110,000 or Rs 81,40,000, Thanki asked, “What is the Tina and Anil Ambani collection?
“It’s my wife’s (Tina Ambani) collection. I happen to be her husband, so she asked my permission to say so, “Ambani replied.
