The younger brother of Asia’s richest man– Anil Ambani has pleaded poverty in his dispute settlement with three Chinese Banks. He was asked to set aside $100 million dollars when he pleaded poverty.
Once a millionaire, the younger heir of the Ambani family and the chairperson of Reliance Group has mentioned that his investments are worth nothing, in a court filing by the banks in London lawsuit.
The value of my investments has collapsed. My net worth is zero after taking into account my liabilities.
Anil Ambani has accepted his inability to pay dues worth $680 million in defaulted loan to these state-controlled Chinese banks. He claims that he doesn’t hold “meaningful assets” that can be liquidated and his net worth is “zero”.
This lawsuit was filed by three Chinese Banks who argue that they provided a loan of $925 Million to Anil Ambani’s Reliance Communication in 2012,on the conditions that Mr. Ambani personally guaranteed the repayment.
Mr. Ambani’s comments on his net worth were disclosed after he avoided depositing hundreds of million dollars with the court, before the trail.