RCom loan default case: Anil Ambani tells London court his net worth is 'zero'
Case pertains to a loan worth $925 million given to Ambani's now bankrupt Reliance Communications in February 2012; RCom repaid a portion of the loan, but defaulted on its payment obligations in February 2017
- Feb 7, 2020,
- Updated Mar 17, 2020 8:59 AM IST
Reliance Group Chairman Anil Ambani has expressed his inability to pay dues worth $680 million (over Rs 4,860 crore) in defaulted loans to three Chinese banks, saying he doesn't hold "meaningful assets" that can be liquidated and his net worth is "zero". The Chinese banks -- Industrial & Commercial Bank of China Ltd., China Development Bank and the Export-Import Bank of China -- in a lawsuit filed in a London court said Ambani should be ordered to deposit the amount in court's account. Industrial and Commerical Bank of China (ICBC) is the sole claimant in the case before UK High Court and is representing the other two lenders.
The case pertains to a loan worth $925 million given to Ambani's now bankrupt Reliance Communications in February 2012. RCom repaid a portion of the loan, but defaulted on its payment obligations in February 2017.
Forensic audit finds no misappropriation of funds in Reliance Home Finance
Reliance Group Chairman Anil Ambani has expressed his inability to pay dues worth $680 million (over Rs 4,860 crore) in defaulted loans to three Chinese banks, saying he doesn't hold "meaningful assets" that can be liquidated and his net worth is "zero". The Chinese banks -- Industrial & Commercial Bank of China Ltd., China Development Bank and the Export-Import Bank of China -- in a lawsuit filed in a London court said Ambani should be ordered to deposit the amount in court's account. Industrial and Commerical Bank of China (ICBC) is the sole claimant in the case before UK High Court and is representing the other two lenders.
The case pertains to a loan worth $925 million given to Ambani's now bankrupt Reliance Communications in February 2012. RCom repaid a portion of the loan, but defaulted on its payment obligations in February 2017.
Forensic audit finds no misappropriation of funds in Reliance Home Finance