Anil Ambani, President of ADAG Group
Key points
- On May 22, the UK court asked Anil Ambani to pay $ 717 million and $ 750,000 in legal costs to Chinese banks by June 12.
- On June 15, Chinese banks led by the Industrial and Commerce Bank of China requested disclosure of Anil Ambani’s assets after he failed to pay fees.
- On June 29, the UK court ordered Ambani to deliver an affidavit of all his possessions around the world exceeding $ 100,000.
New DelhiThe three Chinese banks, to whom Anil Ambani, Chairman of ADAG Group, owes $ 717 million (Rs 5,306) crore, said they will follow all legal routes to protect their rights and recover the amount after Ambani in a London court He said that his expenses are “Minimal”, he does not have a “luxurious lifestyle” and he has had to sell jewelry to cover his legal expenses.
“Banks will use the information from the cross-examination to seek all available legal avenues to protect their rights and recover outstanding loans owed to them,” the Economic times it cited a joint statement from Chinese banks after court hearings on Friday.
The latest statement from the three Chinese banks, the Industrial and Commercial Bank of China, the Export-Import Bank of China and the China Development Bank, comes after the debt-laden president of Reliance Group briefed the UK court who did not live a lavish lifestyle and had limited means.
Anil Ambani, the younger brother of Asia’s richest man, Mukesh Ambani, told the UK court on Friday that he is a “simple man of simple tastes” and that he only owns one car. The indebted businessman said he received 9.9 million rupees after selling all his jewelry between January and June 2020 and does not own “anything significant” that can be sold now to pay off the debt. 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. At present I only use a car “, India Times The report had quoted Ambani as saying.
During cross-examination, lawyer Bankim Thanki, representing Chinese banks, asked if he lived in a free property owned by his older brother and president of Reliance Industries, Mukesh Ambani. Anil Ambani reportedly answered yes.
On May 22, the UK court asked him to pay $ 717 million and $ 750,000 in legal costs to Chinese banks by June 12. On June 15, Chinese banks run by Industrial and Commerce Bank of China requested disclosure of Anil Ambani’s assets after he failed to pay outstanding installments, the ToI report had mentioned.
On June 29, the UK court ordered Ambani to provide an affidavit of all his possessions around the world in excess of $ 100,000, whether owned or not, wholly or jointly owned, and interested in them legally, beneficially or not.
