Former billionaire Anil Ambani was ordered by a London choose to pay greater than $700 million to a trio of Chinese banks following a dispute over defaulted loans.
Ambani supplied a private assure on the banks’ loans to his Reliance Communications Ltd. in 2012, Judge Nigel Teare stated in a ruling Friday. The tycoon, who has stated his web price is “zero,” has 21 days to make the cost.
Ambani had all the time contested that he had made a private assure — one thing he’d dismissed as an “extraordinary potential private legal responsibility” — however the abstract judgment ruling means a full trial will now not go forward.
A spokesman for Ambani stated that different Reliance group operations won’t be affected by the ruling. Reliance Communications filed for chapter final 12 months.
The Chinese banks “made their declare primarily based on an alleged assure that was by no means signed by Mr. Ambani and he has constantly denied having licensed anybody to execute any assure on his behalf,” the spokesman said. “The amount ordered to be paid based on an alleged guarantee, will in any case reduce substantially upon the imminent resolution of” Reliance Communication’s debt.
The 60-year-old is the youthful brother of Mukesh Ambani, the wealthiest man in Asia. Mukesh has bailed his brother out in the previous, making a last-minute cost in an Indian case that might have seen Anil imprisoned.
Meanwhile, Anil Ambani advised a London court docket earlier this 12 months that the worth of his investments has collapsed.
“I don’t maintain any significant property which may be liquidated for the needs of those proceedings,” he stated in February.
The declare was filed by three state-controlled Chinese banks together with Industrial & Commercial Bank of China Ltd.
This story has been printed from a wire company feed with out modifications to the textual content.