Three Chinese banks sue Anil Ambani for defaulting on a $680-mn loan
By MYBRANDBOOK
Three Chinese banks are suing Anil Ambani in a London court for failing to pay back $680 million in defaulted loans.
The three banks are the Mumbai branch of Industrial & Commercial Bank of China, China Development Bank and the Export-Import Bank of China, who agreed to loan $925.2 million to Anil Ambani’s Reliance Communications (RCom) in 2012. But he was agreed the loan on the condition that he provides a personal guarantee, ICBC’s lawyer Bankim Thanki told the court.
While some repayments were made, it defaulted on its payment obligations in February 2017. The embattled Indian tycoon says while he agreed to give a non-binding “personal comfort letter," he never gave a guarantee tied to his personal assets - an “extraordinary potential personal liability”.
According to a court filing, Anil went to Beijing in the winter of 2011 to negotiate the loan with ICBC’s former Chairman Jiang Jianqing directly. The lenders sought a share pledge before granting the loans, but the legal dispute centers on whether Anil or one of his associates went on to provide a personal guarantee as security.
While his brother Mukesh Ambani is worth $56 billion and is the wealthiest man in Asia and 14th richest in the world, Anil, on the other hand, has seen his personal fortune dwindle over recent years, losing his billionaire status. His telecommunications-to-infrastructure empire Reliance Group has continued to struggle under a big debt. As of July, four of its biggest units, excluding the phone company, were reeling under a debt of Rs 93,900 crore ($13.2 billion).
Anil was caught up in a similar case earlier this year, when India’s Supreme Court threatened him with prison after RCom failed to pay to pay 550 crore to Ericsson AB’s Indian unit. The judges gave him a month to find the funds, and his brother, Mukesh, stepped in to make the payment.
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