'My net worth is zero': Anil Ambani, brother of Asia’s richest man

Photos

Saturday, February 29, 2020

Gold / Forex

Photos Business

'My net worth is zero': Anil Ambani, brother of Asia’s richest man

He was ordered to set aside $100 million in his dispute with three Chinese banks

Published: February 08, 2020 15:00 Compiled by Jay Hilotin, Senior Web News Editor

1 of 14

200802 anil ambani — “The value of my investments has collapsed,” Anil Ambani said, according to a London court filing by banks seeking $680 million in defaulted loans. “My net worth is zero after taking into account my liabilities. In summary, I do not hold any meaningful assets which can be liquidated for the purposes of these proceedings.” Image Credit: Supplied

2 of 14

190319 Anil Ambani — The lawsuit against Anil Ambani, 60, was filed by three state-controlled Chinese banks, which argue that they provided a loan of $925 million to Ambani’s Reliance Communications Ltd. in 2012 with the condition that he personally guarantee the debt. Ambani’s comments were disclosed as he tried to avoid depositing hundreds of millions of dollars with the court ahead of a trial. Image Credit: Reuters

3 of 14

190221 anil ambani — On Friday evening, Judge David Waksman ordered Ambani to put up $100 million into the court’s account within six weeks. Anil Ambani plans to appeal. Image Credit: Supplied

4 of 14

1.558402_1345899079 — The embattled Indian tycoon says that while he agreed to give a non-binding “personal comfort letter,” he never gave a guarantee tied to his personal assets — an “extraordinary potential personal liability.” Image Credit: Bloomberg News

5 of 14

1.958790-2394120663 — Anil Ambani, 60, is the brother of Mukesh Ambani, 62, who’s worth $56.5 billion and is the wealthiest man in Asia. Anil, on the other hand, has seen his personal fortune dwindle over recent years, losing his billionaire status. His Reliance Communications filed for bankruptcy last year. Image Credit: Gulf News Archive

6 of 14

Judge Waksman 1232 — Judge David Waksman on Friday ordered Anil Ambani to put up $100 million into the court’s account within six weeks. Ambani plans to appeal. Source: https://www.judiciary.uk/publications/his-honour-judge-waksman/ Image Credit: UK Courts and Tribunals Judiciary

7 of 14

1.1157070-4189949799 — US director Steven Spielberg (left), with Bollywood great Amitabh Bachchan (centre), and Anil Ambani. Image Credit: AFP

8 of 14

1.835068-2553080468 — A file photo showing Indian minister Dayanidhi Maran (R) making the first call to mark the launch of the FALCON Submarine Cable system in New Delhi. Chairman of Reliance Anil Dhirubhai Ambani Group, Anil Ambani (L) is also seen Image Credit: AFP

9 of 14

PTI4_29_2019_000038B-(Read-Only) — Industrialist Anil Ambani shows his inked marked finger after casting vote during the 4th phase of the 2019 Lok Sabha elections, at a polling station in Mumbai, Monday, April 29, 2019. Image Credit: PTI

10 of 14

1.2148885-187063345 — Mukesh Ambani with his brother Anil Ambani (right). Ambani’s lawyer, Robert Howe, had argued that the court shouldn’t order his client to make a payment he can’t cover. The tycoon argues that that an order requiring him to do so would hinder his ability to defend himself in the case, Howe said. “Mr. Ambani is reviewing the order of the U.K court and will take legal advice as to further remedies in appeal,” representatives for Ambani’s Reliance Group said. Image Credit: REUTERS

11 of 14

ICBC China bank — Bankim Thanki, an attorney representing Industrial & Commercial Bank of China Ltd., China Development Bank and the Export-Import Bank of China, said in a filing that Ambani’s statements are “plainly a yet further opportunistic attempt to evade his financial obligations to the lenders.” “We hope that Mr. Ambani will comply with the court’s order and look forward to the swift resolution of the case at trial,” the banks said in a statement. Image Credit: www.banktrack.org/

12 of 14

Anil Ambani 02003 — In 2019, Anil Ambani was caught up in a legal wrangle, when India’s Supreme Court threatened him with prison after Reliance Communications failed to pay to pay 5.5 billion rupees ($77 million) to Ericsson AB’s Indian unit. The judges gave him a month to find the funds, and his brother, Mukesh, stepped in just in time to make the payment. Image Credit: File

13 of 14

1.759797-1864143167 — Anil Ambani, chairman of Reliance Power, speaks to a group of reporters in New Delhi. Reliance Group has reported a steep decline in its shares. Image Credit: Bloomberg

14 of 14

1.761087-3130647860 — In November 2019, Anil Ambani resigned as Director of Reliance Communications as the bankrupt telecom operator nears sale of its assets under an insolvency process. Image Credit: Gulf News archive

Latest In

✕

This website stores cookies on your computer. These cookies are used to improve your experience and provide more personalized service to you. Both on your website and other media. To find out more about the cookies and data we use, please check out our Privacy Policy.