Reliance Communications



Once worth $42 billion and sixth on Forber’s Billionaire Index, Anil Ambani pleaded poverty in a dispute against Chinese banks on Friday. He told a UK court that his “net worth was zero” according to Bloomberg This is despite the fact that he owns a fleet of cars, a jet, a helicopter and a yacht. However, he told the court that these possessions were owned by corporate entities rather than by him personally. As of 3 April 2019, Ambani net worth is around $1.7 billion.Three Chinese banks — Industrial and Commercial Bank of China (ICBC), China Development Bank and the Export-Import Bank of China — are suing Mukesh Ambani’s younger brother for defaulting on a loan that was given toThe banks allege that the former Reliance Communications chairman owes them over $700 million (₹5,000 crore), which includes interest.Lenders to Reliance Communications are expected to claim dues of up to ₹90,000 crore — double the ₹46,000 crore that the company owes. This is one of the highest demands from a company that’s become insolvent.Banki Thanki QC, the lead counsel for the Chinese banks, claims that was “a dichotomy” between the younger Ambani’s claims of poverty and his lavish lifestyle.“One is bound to ask why he can’t arrange for his companies to sell those assets and use the funds to pay the courts,” said Thanki.