London: Anil Ambani, the embattled chairman of Anil Dhirubhai Ambani Group (ADAG), who went from being sixth richest person on the planet to ‘zero net worth’, told a UK court on Friday that he sold off all his jewellery to pay off legal fees for the ongoing case. The younger sibling of Asia’s richest man Mukesh Ambani also told the UK court that he is a “simple man of simple tastes” and owns just one car.
Ambani was ordered by UK court to list all his assets worldwide after he failed to clear dues worth $717 million to three Chinese banks in JuneAmbani said media reports of his lifestyle are speculative as he is a "simple man of simple tastes"He denied owning a Rolls Royce and said he owns just one car.
The indebted businessman said he received Rs 9.9 crore after selling all his jewellery between January and June 2020 and owns “nothing meaningful”, according to a Times of India report. He also said that “speculative media stories” about his lifestyle were greatly exaggerated when asked about his fleet of cars. “I have never owned a Rolls Royce. I use just one car at present,” the report quoted Ambani as saying.
The industrialist made the claims during the hearing of a lawsuit brought by three Chinese companies on an alleged breach of personal guarantee on debt refinancing loan.
The three state-owned Chinese banks which filed the lawsuit include–Industrial and Commercial Bank of China, China Development Bank and Exim Bank of China. They claim Ambani owes them a whopping $680 million in dues after an alleged breach of personal guarantee on a debt refinancing loan of around $925 million.
The three state-owned Chinese banks which filed the lawsuit include–Industrial and Commercial Bank of China, China Development Bank and Exim Bank of China. They claim Ambani owes them a whopping $680 million in dues after an alleged breach of personal guarantee on a debt refinancing loan of around $925 million.
“My expenses are minimal and being borne by wife and family,” Ambani added. “I don’t have a lavish lifestyle and no other income. I met legal expense by sale of jewellery and, if I have to meet further expenses, [it] will be subject to approval by the court to dispose of other assets.”
On May 22, the UK court asked him to pay $716.9 million or Rs 5,821 crore and $ 750,000 or Rs 7 crores in legal costs to the Chinese banks by June 12. On June 15, the Chinese banks led by Industrial and Commerce Bank of China sought disclosure of Ambani’s assets after he failed to pay the dues which are yet to be paid, says the report.
On June 29, the UK court ordered Ambani to serve an affidavit of all his possessions worldwide exceeding $100,000 or Rs 74 lakh, whether or not owned by him, whether solely or jointly owned, and whether he is interested in them legally, beneficially or otherwise.
“My expenses are minimal and being borne by wife and family. I don’t have a lavish lifestyle and no other income. I met legal expense by sale of jewellery and, if I have to meet further expenses, (it) will be subject to approval by the assets,” Ambani told the court in a virtual hearing where he appeared from India.
What is Tina and Anil Ambani collection?
The plaintiffs’ legal team represented by Bankim Thanki QC also brought into question the artworks held by “Tina and Anil Ambani collection”. After ADAG Chairman declared that he had only one art piece worth $110,000 or Rs 81,40,000, to which Thanki asked “What is Tina and Anil Ambani collection?
“It’s my wife’s (Tina Ambani’s) collection. I just happen to be her husband so she just took my permission to say it,” Ambani replied.