Economy

Chinese banks to launch enforcement action against Anil Ambani’s global assets

London: Anil to whom three Chinese banks Ambani It also owes $ 716 million (Rs 5,276 crore) Significant legal costs, Have decided to pursue their rights against him Global assets, Following the stumble Reliance Group The President’s English High Court cross-examination is Friday.
An order was issued to Ambani, the sixth richest man in the world Court of England On May 22 this year, it paid $ 716 million (Rs 5,276 crore) in interest and 750 kg (Rs 7.04 crore) in legal costs to the Industrial and Commercial Bank, the Export-Import Bank of China and the China Development Bank. By June 29, the debt he owed had risen to $ 717.67 million, taking into account accrued interest.
Bankim Thangi QC, who represents the banks, told the Commercial Court of the UK High Court on Friday that Ambani was “fighting tooth and nail to prevent us from paying even a penny”.

Following the hearing on Friday, the banks issued a statement saying they want to pursue enforcement action and all available solutions against Ambani. “Banks will use cross-examination information to pursue all available legal means to protect and recover their rights. Pending loans We owe them, ”the statement said.
It is understood that Chinese banks are not currently pursuing enforcement against Ambani’s assets in India due to the bankruptcy of State Bank of India against Ambani, who is currently detained by the Delhi High Court.
Based on what he revealed in his confession, banks are expected to start enforcing action against his assets outside India.
On June 29, 2020, Ambani ordered all of his assets worldwide to exceed US $ 100,000 (approximately Rs. 74 lakhs), whether in his own name or not, and to file an affidavit relating to all documents under his control for his means of enforcing the judgment.
Those documents include his income and outflows, assets and liabilities, bank statements, stock certificates, balances and profits and loss accounts for all his businesses, as well as evidence of all his trusts, including his name as a beneficiary. The court ordered him to appear in court on Friday via videolink and “answer the affidavit with all the questions the judge asks.”

Minutes before his cross-examination, he successfully obtained an order that his financial documents should not be made available to third parties, but failed to personally hear his cross-examination despite filing an application for the same.
Following the investigation, Deputy Master Jervis K. QC ordered the cross-examination to pay $ 140,000 (Rs. 131 lakh) into the “account” in addition to the banks’ legal fees, while a detailed cost estimate is being made.
Banks were given their legal costs in securing a failed privacy application. The exact amount Ambani has to pay for it is subject to further submissions, but the banks are demanding 000 34,000 (Rs 31 lakh).
A spokesman for Ambani said after the hearing: “Mr. Anil Ambani has always been a simple man with a simple taste. A foodie, dietitian and non – smoker, he would rather watch a movie at home with his children than go out of town. Otherwise, the statements he makes are completely false. ”
Controversy arose over loans given by three Chinese banks Reliance Communications (R.Com) 25,925 million (Rs. 6,817 crore) in 2012. RCom initially repaid the loan and then started defaulting.
Chinese banks say Ambani, the former head of RCom, has provided personal guarantees for loans of up to $ 925 million. He denied that the guarantee was binding on him. However, the High Court in its concise judgment dated 22 May 2020 affirmed that the banks’ personal guarantee was “beyond the standard of probability balance”.

Thelma Binder

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