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Anil Ambani appeared in London based court via video-link from Mumbai for compulsory cross-examination in aid of an asset disclosure order obtained by the Industrial and Commercial Bank of China Ltd Mumbai Branch, China Development Bank and Exim Bank of China.
The dispute is all about an alleged breach of a personal guarantee on a company debt refinancing loan of around USD 925 million dating back to February 2012. Ambani denies providing authority for any such guarantee, resulting in the High Court action in the UK the jurisdiction agreed upon as part of the terms of the loan agreement.
Reportedly three three Chinese banks have pursued Ambani for more than $700 million in a London court, arguing that they provided funding to his Reliance Communications Ltd. in 2012 with the condition that he personally guarantee the debt. After winning a ruling requiring Ambani to make the payments, the banks have yet to receive any funds.
Reliance Group chairman Anil Ambani has told a UK court that suggestions of his lavish tastes are speculative because his lifestyle is “very disciplined” as he gave evidence in a dispute involving a loan agreement with three Chinese banks.
The 61-year-old former billionaire appeared via video-link from Mumbai before the High Court on Friday for compulsory cross-examination in aid of an asset disclosure order obtained by the Industrial and Commercial Bank of China Ltd Mumbai Branch, China Development Bank and Exim Bank of China.
Ambani Lawyer said to the court, “He’s fighting tooth and nail to prevent having to pay us a penny,” the banks’.
Court ordered Ambani to give full disclosure of all of his assets worldwide exceeding USD 100,000. “My needs are not vast and my lifestyle is very disciplined,” Ambani to Court.
“He is devoted to his family and company, an avid marathon runner, and deeply spiritual. He is also a lifelong vegetarian, teetotaller and non-smoker who would much rather watch a movie at home with his kids than go out on the town. Reports that suggest otherwise are completely misleading,” He said.
“The banks will use the information from the cross-examination to pursue all available legal avenues to protect their rights and recover the outstanding loans owed to them,” the banks to the court
