Buried under debt, the businessman said he received Rs 9.9 crore after selling all his jewellery between January and June 2020 and owns “nothing meaningful”, Times of India reported.
The chairman of Anil Dhirubhai Ambani Group (ADAG), Anil Ambani, who was once the sixth richest man on the planet, told a UK court on Friday that he sold off all his jewellery to pay off legal fees. Anil Ambani told the UK court that he is a “simple man of simple tastes” and owns just one car.
Buried under debt, the businessman said he received Rs 9.9 crore after selling all his jewellery between January and June 2020 and owns “nothing meaningful”, Times of India reported. When asked about his fleet of cars, Ambani said “speculative media stories” about his lifestyle were greatly exaggerated. “I have never owned a Rolls Royce. I use just one car at present,” ToI quoted Ambani as saying.
In a lawsuit brought by three Chinese companies on an alleged breach of personal guarantee on a debt refinancing loan, Ambani claimed the aforementioned things during a hearing.
Industrial and Commercial Bank of China, China Development Bank, and Exim Bank of China, the three Chinese banks have filed the lawsuit, which claims they are owed a whopping $680 billion in dues after an alleged breach of personal guarantee on a debt refinancing loan of around $925 million.
Ambani said that his expenses are minimal and being borne by wife and family, adding that “I don’t have a lavish lifestyle and no other income. I met legal expense by sale of jewellery and, if I have to meet further expenses, [it] will be subject to approval by the court to dispose of other assets.”
Earlier, on May 22, the UK had court asked him to pay $716.9 million or Rs 5,821 crore and $ 750,000 or 7 crores in legal costs to the Chinese banks by June 12, 2020. The Chinese banks led by Industrial and Commerce Bank of China, on June 15, sought disclosure of Ambani’s assets after he failed to pay the dues which are yet to be paid, says the report.
The UK court, on June 29, had ordered Ambani to serve an affidavit of all his possessions worldwide exceeding $100,000 or Rs 74 lakh, whether or not owned by him, whether solely or jointly owned, and whether he is interested in them legally, beneficially or otherwise.