Indian Tycoon World Sixth Richest Man Now has “Zero” Asset
Indian tycoon, who once reigned as the world’s sixth richest man, complained that he now has no assets.
According to local media, Chairman Anil Ambani Reliance Group insisted in a British court the day before, saying, “The value of the assets invested has collapsed.” Ani explained in a debt performance lawsuit filed by three Chinese banks, including the China Industrial and Commercial Bank (ICBC), that “(my) net assets are zero considering current debt.”
“There is no meaningful asset that can be securitized for debt.”
ICBC and others announced that they would lend $ 925 million in 2012 to Reliance Communications, led by Ahn. The banks argued that Mr. Ani personally secured the debt at the time. But Reliance Communications went bankrupt last year. The bank said, “Unlike our claim, we have a luxury airplane, a car, a helicopter, a luxury car worth $ 3 million, and a $ 56 million yacht for wife. ”
The British court ordered Ani to pay $ 100 million to ICBC within six weeks.
Ain, the younger brother of Asia’s top richest chairman, Mukesh Ambani Reliance Industries, had a whopping $ 42 billion in 2008 alone, making it sixth in the world’s richest rankings. Anil began his downturn after struggling with his brother after management’s father, Dirubai Ambani, died in 2002.
He decided to take charge of the power, communications and finance sectors with his mother’s mediation at the beginning of the conflict. He agreed not to enter his brother’s area of telecommunications instead of taking his flagship oil, gas and petrochemicals. However, as India’s telecommunications market grew rapidly, Mukesi founded Reliance Geo in 2016 and entered the telecommunications market. Reliance Geo has secured more than 150 million subscribers in less than two years after launching its service, a free 4G feature phone called ‘GeoPhone’, free voice calls and low data usage fees Since late last year, it has become India’s largest telecommunications company.
Reliance Geo’s aggressive ‘free’ marketing has intensified competition in India’s mobile market and disrupted Reliance communications. In the meantime, Ani continued to make astronomical investments in various fields such as finance, entertainment and real estate, but most of them failed. In the end, Ahn’s argument was that he had lost all his tremendous assets, and now he is unable to recover on his own.,Ani went into jail last year in relation to debt from Reliance Communications. At the time, his brother was out of the crisis with $ 77 million .
,His lawyer Robert Howe said, “Ambani’s investment was over $ 7 billion in 2012. Today it is down to $ 89 million. If his liabilities are added, it will come down to zero.” However, lawyers of the banks questioned Ambani’s claim, mentioning his luxury lifestyle. Lawyers for the banks said that Ambani owned 11 or more luxury cars, a private jet, a yacht and a typical seawind penthouse in South Mumbai. During the half-day hearing, Judge David Waxman questioned, “Ambani is insisting that he has gone bankrupt personally. Has he filed for bankruptcy in India.”
Chief Advocate Harish Salve, who is part of Ambani’s team of lawyers, replied in the negative. After this, a brief mention was made in the court on the Insolvency and Bankruptcy Disability Code (IBC) of India. Howe said, “Overall, Mr. Ambani is not in a position to pay $ 700 million.” After the hearing ended on Friday, the judge indicated that he would pass judgment on the matter later in the day. The lawyers of the banks gave many such examples while their family members helped them get out of the crisis. At the same time, the defense lawyers tried to establish that Ambani had no access to the properties and shares of his mother Kokila, wife Tina Ambani and sons Anmol and Anshul.
On this, the lawyers said that we can seriously believe that their mother, wife and son will not help them in the time of crisis. Lawyers for banks also told the court that Mukesh Ambani, brother of Anil Ambani, is the richest person in Asia and he is the 13th richest person in the world in the Forbes list. His estimated net worth is 55 to 57 billion dollars.
Indian tycoon, who once reigned as the world's sixth richest man, complained that he now has no assets - /10
Indian tycoon, who once reigned as the world's sixth richest man, complained that he now has no assets.