- Anil Ambani, the chairman of Anil Dhirubhai Ambani Group (ADAG), who went from being the sixth richest person on the planet to ‘zero net worth’, told a UK court on Friday that he sold off all his jewelry to pay off legal fees for the ongoing case.
- The three state-owned banks claimed that Anil Ambani owes them a whopping $680 million in dues after an alleged breach of personal guarantee on a debt refinancing loan of around $925 million.
ADAG Group Chairman Anil Ambani, who is facing a lawsuit by three Chinese banks in a UK court hearing on Friday, said that he paid legal fees for the case by selling off jewellery.
The younger sibling of Asia’s richest man Mukesh Ambani was ordered by a UK court to list all his assets worldwide after he failed to clear dues worth $717 million to three Chinese banks.
The indebted businessman said he received Rs 9.9 crore after selling all his jewelry between January and June 2020 and owns “nothing meaningful”, according to a Times of India report.
He also said that “speculative media stories” about his lifestyle were greatly exaggerated and added that he is a “Simple man of simple tastes”.
when asked about his fleet of cars, “I have never owned a Rolls Royce, I use just one car at present,” the report quoted Ambani as saying.
The industrialist made the claims during the hearing of a lawsuit brought by three Chinese companies on an alleged breach of personal guarantee on debt refinancing loan.
The three state-owned Chinese banks which filed the lawsuit include–Industrial and Commercial Bank of China, China Development Bank, and Exim Bank of China. They claim Ambani owes them a whopping $680 million in dues after an alleged breach of personal guarantee on a debt refinancing loan of around $925 million.
On May 22, the UK court asked him to pay $716.9 million or Rs 5,821 crore and $ 750,000 or Rs 7 crores in legal costs to the Chinese banks by June 12. On June 15, the Chinese banks led by Industrial and Commerce Bank of China sought disclosure of Ambani’s assets after he failed to pay the dues which are yet to be paid, says the report.
