Loan default case: Anil Ambani denies lavish lifestyle

Loan default case: Anil Ambani denies lavish lifestyle, says took $66 mn from mother, $41 mn from son
Ambani, the younger brother of Asia’s wealthiest man, said that a judge was wrong to mention he’d lived a lavish lifestyle, insisting that he was a marathoner who didn’t drink, smoke or gamble.

Anil Ambani, Anil Ambani bankrupt, Anil Ambani losses, Anil Ambani finance, Anil Ambani properties, Ambanis, Reliance

Ambani was giving evidence via videolink for the primary time from Mumbai, during a English lawsuit over a dispute stemming from a defaulted loan. (Bloomberg)
Former billionaire Anil Ambani rejected a judge’s comment that he lived a “lavish lifestyle” as he faced questions on his assets from lawyers acting for a trio of Chinese banks.

Ambani was giving evidence via videolink for the primary time from Mumbai, during a English lawsuit over a dispute stemming from a defaulted loan. The tycoon, who has previously said his net worth is “zero,” was questioned about his spending and his finances, including quite $100 million in family loans.

Three state-controlled Chinese banks have pursued Ambani for quite $700 million during 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 form the payments, the banks have yet to receive any funds.

“He’s fighting tooth and nail to stop having to pay us a penny,” the banks’ attorney, Bankim Thanki, said of Ambani.

Ambani, the younger brother of Asia’s wealthiest man, said that a judge was wrong to mention he’d lived a lavish lifestyle, insisting that he was a marathoner who didn’t drink, smoke or gamble.

“I think i need to put it respectfully in perspective,” Ambani said. “My needs aren’t vast and my lifestyle is extremely disciplined.”

“Any suggestion of a lavish lifestyle past, present and future is totally speculative,” he said.

Ambani was accused of putting his assets out of the reach of his creditors by putting the ownership in corporate entities. The family collection was owned by his wife, he said. the posh motor yacht, which was used relations — but not Ambani himself, who said he suffered from seasickness — was also owned by a corporation , he said.

Ambani had always said he never made a private guarantee — something he’d dismissed as an “extraordinary potential personal liability.”

On Friday, Ambani was examined over credit-card spending in luxury shops including Harrod’s that he said was done by his mother on his cards. He was also questioned over a $66 million loan provided by his mother, Kokilaben Ambani, and a $41 million loan from his son. He said he couldn’t recall the terms of the loans but insisted they weren’t gifts.

The former billionaire “has always been an easy man of straightforward tastes, contrary to exaggerated perceptions of his flamboyance and lavish lifestyle,” a spokesman for Ambani said during a statement. “He is additionally a lifelong vegetarian, teetotaller and non-smoker who would much rather watch a movie reception together with his kids than leave on the town.”

News source

Read more