Wednesday, October 28, 2020

Anil Ambani owes $716 million to Chinese banks: English High Court

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Three different Chinese banks have announced that they will be taking legal action against Indian business tycoon, Anil Ambani. Ambani has according to these banks defaulted on dues worth $716 million, as reported by ‘Siasat.pk.’

In an official statement, the legal team representing the three Chinese banks said, “The banks will use the information from the cross-examination to proceed upon all possible legal avenues to protect their rights and recover the loans owed to them.”

This news comes after Anil Ambani was investigated by a UK court on Friday. The former Reliance Communications Chairman provided a personal guarantee for the loan worth $716 million that Reliance Communications took from the Chinese banks. The loan was taken in February 2012.

Read more: Mukesh Ambani bets it all on ‘Amazon Killer’ JioMart

In May, 2020, Justice Nigel presiding over the Commercial Division of the High Court in London had given the order that Anil Ambani was liable to honor his promise and the guarantee he provided.

Anil Ambani says wife and family paying his expenses

The court ordered Ambani to pay up to $7.17 million, as well as the legal costs to the three Chinese banks. The court ordered Ambani to do this by the 12th of June.

Read more: Bollywood celebrities serve food to guests at Ambani’s daughter wedding

Anil Ambani has “consistently failed” to pay his substantial debt to the three banks.

The banks had also obtained a judgment earlier this year from the English High Court for the full amount owed (over $716 million) under a personal guarantee given by Anil Ambani.

Anil Ambani had appeared via video link in court, he had insisted then that his lifestyle was not “lavish.” He said that his wife and his family were bearing all of his expenses.

The Chinese banks have insisted that they will pursue all remedies to recover the money owed to them from Ambani.

GVS News Desk

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