Anil Ambani will have to pay $700 million to Chinese banks following a dispute over defaulted loans says, London Judge

Former billionaire Anil Ambani was ordained to pay more than $700 million to three Chinese banks followed by a wrangle over defaulted loans.

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Judge Nigel Teare stated the business tycoon has furnished these banks’ loans with a personal guarantee to his Reliance Communications Ltd. in 2012. Currently, he has only 21 days to complete the payment.

A spokesperson for Ambani said that the Chinese banks “made their claim based on an alleged guarantee that was never signed by Mr Ambani and he has consistently denied having authorized anyone to execute any guarantee on his behalf”. Further, he added, “The amount ordered to be paid based on an alleged guarantee, will, in any case, reduce substantially upon the imminent resolution of Reliance Communication’s debt”.

Mr Ambani is the younger brother of Asia’s former richest man Mukesh Ambani. Anil was previously saved from getting imprisoned after Mukesh made a payment at the last moment in an Indian case.

Anil Ambani informed the London court earlier this year that his net worth has “collapsed”.

“I do not hold any meaningful assets which can be liquidated for the purposes of these proceedings,” he said in February.

The case has been registered by three state-controlled Chinese banks that also includes Industrial and Commercial Bank of China Ltd.

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