While the Reliance group president, Anil Ambani, looks on with a payment of $ 100 million, the billionaire pleaded guilty to poverty stating that his net worth is zero.
A London court ordered Anil Ambani to pay $ 100 million to the court in six weeks in response to a lawsuit filed by three state-controlled Chinese banks, which claimed to have made a $ 925 million loan to Anil's Reliance Communications in 2012 with the condition that personally guarantees the debt.
However, Anil said that the value of his investments has plummeted. “My net worth is zero after taking my responsibilities into account. In short, I have no significant assets that can be liquidated for the purposes of these procedures, "according to a Bloomberg report, he quotes him in court.
The Industrial and Commercial Bank of China Ltd (ICBC), the Development Bank of China and the Export and Import Bank of China have sued Anil Ambani in London for defaulting on loans for $ 708 million, including interest. Subsequently, Anil Ambani was sentenced by the court to pay $ 100 million, which he reportedly intends to appeal.
Anil said in court documents that he had consulted to obtain the necessary funds from external sources, including his family, but he cannot raise funds for external resources.
According to reports, Judge David Waksman said Anil clearly has more resources and revenue than he is seeing and did not believe that the Ambani family "had closed the blinds firmly and irrevocably."
"What I care about is an extraordinarily wealthy family who has helped each other in the past," says the judge according to the Bloomberg report.
Reliance Communications (RCom), the company for which Anil Ambani had taken out past-due loans, is currently in a state of insolvency and is in the final stages of resolution.
Anil Ambani, the brother of the richest man in Asia, has seen his fortune decrease in recent years, as several companies have failed to earn the watch and have shown success.
The Ambani brothers separated after the death of their father, who left his commercial empire to his two sons. These activities were divided where Mukesh Ambani took over the oil and petrochemical business, while Anil Ambani took over the telecommunications, media and electricity activities.
While Mukesh's Reliance Industries have become the country's largest and most valuable trading conglomerate, Reliance Group has seen most of its businesses suffer huge losses, with Reliance Communications suffering.
However, despite the rivalry, Mukesh Ambani has saved Anil in the past. Last year, the Supreme Court of India threatened to imprison Anil for not paying Rs.5.5 million to Ericsson India in a month. Mukesh Ambani intervened and made the payment for Anil Ambani.
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