Anil Ambani has told the court that his net worth is almost zero.
The financial situation of Anil Ambani, once the owner of Reliance Infrastructure, Reliance Capital and Reliance Communications, is no longer good. This is evident from his claim in a UK court where he is fighting a case with Chinese banks. In this case, Chinese banks claim that they have a debt of $ 680 million on Anil Ambani. Anil Ambani has told the court that his net worth is almost zero and his family will not come to help him in the event of any crisis.
Court did not accept Anil Ambani’s claim
The court ordered Ambani to pay US $ 100 million to three Chinese banks. The court judge Waxman said that in the conclusion he feels that Anil Ambani could not satisfy him that he cannot pay any amount at all. He criticized Anil Ambani for his lack of transparency and honesty about his financial channels.
A little over a decade ago, Anil Ambani’s name was one of the richest people in the world. His net worth at that time was 42 billion dollars. The market value of their companies fell to less than a billion in the middle of last year. His company Reliance Communications applied for bankruptcy in 2019.
Three Chinese banks have sued
Industrial and Commercial Bank of China Limited Mumbai Branch, China Development Bank and Exim Bank of China are fighting a legal battle against Anil Ambani. He alleges that Anil Ambani had violated the personal guarantee given on a debt refinancing loan of US $ 925 million in February 2012. However, Anil Ambani has denied giving any rights to the guarantee. Therefore, this matter has now reached the court proceedings in the UK.
The court has refused to accept that his net worth is zero if all his liabilities are looked into. Chinese banks have said in court that Anil Ambani’s lifestyle is still very impressive. He put all those instances in front of the court when the family members of Anil Ambani have come out of this situation.