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 <a href="https://www.bloomberg.com/news/articles/2020-02-07/ex-billionaire-says-net-worth-is-zero-in-680-million-loan-fight">Bloomberg</a>. 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 to <keyword id="46907" type="CITY" weightage="20" keywordseo="Reliance-communications">Reliance Communications</keyword>. The banks allege that the former Reliance Communications chairman owes them over $700 million (₹5,000 crore), which includes interest. Lenders to Reliance Communications are <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/rcom-lenders-likely-to-claim-up-to-rs-90000-crore/articleshow/69300246.cms?from=mdr">expected to claim</a> 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, <a href="https://timesofindia.indiatimes.com/business/india-business/anil-ambani-tells-uk-court-his-net-worth-is-zero-despite-fleet-of-cars-private-jet-and-yacht/articleshow/74017394.cms">claims</a> 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. Here’s Anil Ambani’s rags to riches story:

Anil Ambani's journey from $42 billion net worth to claiming poverty

A UK court on Friday directed Reliance Group chairman Anil Ambani to pay USD 100 million towards a conditional order granted to three Chinese banks pursuing the recovery of over USD 680 million owed to them as part of a loan agreement. In what is in effect a deposit to be paid into court pending a full trial in the case, Judge David Waksman has set a six-week timeline for such a payment to be made as he concluded that he did not accept Ambani's defence that his net worth was nearly zero or that his family would not step in to assist him when "push came to shove". "In my overall conclusion, Mr Ambani has not satisfied me that he can't make any payment at all," said Judge Waksman, as he expressed particular criticism of a "lack of candour" and "transparency" on the part of Ambani's defence in reference to his financial means. The Reliance Group indicated that it plans to appeal against the ruling, which will involve a process of seeking permission to appeal. "Mr Ambani is reviewing the order of the UK Court and will take legal advice as to further remedies in appeal," a spokesperson for Anil Ambani said. "The order pertains to an alleged personal liability of Mr Ambani and will have no bearing on the operations of the Reliance Infrastructure Limited, Reliance Power Limited and Reliance Capital Limited," the spokesperson said. The banks - Industrial and Commercial Bank of China Ltd Mumbai Branch, on behalf of itself, China Development Bank and Exim Bank of China - welcomed the order and said they remain confident of their claim succeeding at trial. "This is a straightforward debt claim to recover outstanding loans made to RCom (Reliance Communications) in good faith and secured by a binding personal guarantee given by Mr Ambani, which he has refused to honour," a statement on behalf of the banks said. "We remain very confident in our claim. We hope that Mr Ambani will comply with the court's order and look forward to the swift resolution of the case at trial," the statement said. Another senior Reliance Group official added that based on the legal advice, the RCom chief intends to seek further remedies in appeal and is "confident" that he will have the opportunity to establish that the Chinese claim is "without any merit". Earlier, during a half-day hearing, the court was told that Reliance Group chairman Anil Ambani was a wealthy businessman and now he is not as a result of a "disastrous turn of events" in the telecom market in India. The Chinese banks had sought summary judgment against Ambani over an alleged breach of a personal guarantee on a debt refinancing loan of around USD 925 million in February 2012. Ambani, 60, denies providing authority for any such guarantee, resulting in the High Court action in the UK - the jurisdiction agreed to as part of the terms of the loan agreement. At the hearing at the Commercial Division of the High Court of England and Wales in London to set the terms for the "conditional order" granted to three Chinese banks last year against the Reliance Communications (RCom) boss, his legal team sought to establish that his net worth was zero once his liabilities were taken into account. "The value of Mr Ambani's investments has collapsed since 2012. The Indian telecom sector in particular has been dramatically hit by the Indian government's change of policy in relation to the grant of spectrum," notes his defence. "Whereas Mr Ambani's investments were worth more than USD 7 billion in 2012, they are now worth USD 89 million, and his net worth is zero once his liabilities are taken into account... Quite simply, he was a wealthy businessman, now he is not," said his barrister Robert Howe. The banks' counsel called Ambani's claims into question and repeatedly referred to his "lavish lifestyle". "So, Mr Ambani's assertion is that he is massively personally insolvent, is bankrupt. Has he filed for bankruptcy in India," questioned Justice David Waksman during the course of the half-day hearing. Ambani's legal team, including leading Indian lawyer Harish Salve, responded in the negative, followed by a brief reference in court to India's Insolvency and Bankruptcy Code (IBC) only recently coming into play. "The evidence overall is that Mr Ambani could not come close to paying a sum of USD 700 million into court," said Howe. The banks, represented in court by barrister Bankim Thanki, sought to establish that Ambani had been "at best economical with the truth" in his evidence statements to the court in relation to his financial means. They also pointed to a series of instances where Ambani family members had stepped in to bail him out, even as Ambani's defence sought to establish that their client had no access to the assets and shares under the name of his mother Kokila, wife Tina Ambani and sons Anmol and Anshul in the form of loans. "Are we seriously to believe that his own mother, wife, and sons can't help him in his hour of need for the purpose of complying with a conditional order," said Thanki, who claimed Ambani's evidence was akin to the proverbial "glossy lipstick on the pig" in terms of some "blatant" lies despite the burden of proof lying with him in the case. "ADA's (Anil Dhirajlal Ambani) brother Mukesh is widely regarded as the wealthiest man in Asia and is ranked by Forbes as the 13th richest person in the world and by Bloomberg as the 14th richest person in the world. He has an estimated net worth of USD 55 to 57 billion," notes the banks in court.

A British judge won't believe Anil Ambani is 'broke'⁠— or that his family won't bail him out

Reliance Anil Dhirubhai Ambani Group or abbreviated as Reliance ADA Group (ADAG) is headquartered in Mumbai. An Indian Conglomerate of companies, this establishment was formed in 2006 by Anil Ambani after the business of his father Dhirubhai Ambani was divided between him and his brother Mukesh Ambani. Following the split of Reliance Industries in December 2005, Anil Ambani got Reliance Infocomm, Reliance Energy and Reliance Capital. Here is an overview of top <keyword id="559059" type="PERSON" weightage="20" keywordseo="Anil-ambani-companies">Anil Ambani companies</keyword>. Reliance Infrastructure Formerly known as Reliance Energy Limited, Reliance Infrastructure Limited, and Bombay Suburban Electric Supply are Indian Private Sector Enterprises involved in power generation, defense, construction and infrastructure. Reliance Power Earlier, Reliance power limited was called as Reliance Energy Generation Limited. This company was created in order to establish, build, operate and maintain power projects in India and International markets. The company has the largest collection of power projects in the private sector in India that is based on thermal energy and renewable energy. Reliance Communications Reliance Communications is a highly popular network provider in India. In February 2019, this company went bankrupt as it could not sell its assets for the sake of repaying its debt. It was declared that the company has an asset worth of Rs.18,000 crores whereas the outstanding debts were Rs.50,000 crores. Reliance Capital Reliance Capital Limited is an India based financial services holding company with a diversified portfolio. A part of the Reliance Group, Reliance Capital is a constituent of Nifty Midcap 50 and MSCI Global Small Cap Index. Reliance Naval and Engineering Identified as R-Naval, Reliance Naval and Engineering Limited was formerly known as Reliance Defense and Engineering Limited. This company is headquartered in Mumbai and is involved with Indian Ship Building and Heavy Industries. This establishment has one of the largest engineering infrastructures in the country. This is the first company from the private sector to get a contract and license for building warships. Reliance Entertainment Reliance Entertainment Private Limited manages the media and entertainment business of the Reliance Anil Dhirubhai Ambani Group. The services of the firm range over content and distribution platforms. Kokilaben Dhirubhai Ambani Hospital Kokilaben Dhirubhai Ambani Hospital is a high-quality tertiary care medical facility situated in Versova, Mumbai, India. This 750-bed multi-speciality hospital was first initiated by Nitu Mandke as a full-fledged and large-scale heart hospital but faced a troubled existence after his death in 2003. Reliance ADA Group of Anil Ambani completed it and named it after his mother Kokilaben Ambani. In 2016, the hospital made an announcement that it will establish about 18 cancer-care centres in the rural regions of Maharashtra. In 2018, Kokilaben Hospital has conferred an award as the Best Multi-specialty Hospitals during the Navbharat Healthcare Awards Summit. Reliance Health Insurance Limited A part of Reliance Capital, Reliance Health Insurance is one of the leaders in the private health insurance sector of India. It has more than 139 offices across India. Affordable health insurance plans and a wide range of options to choose from are the unique distinguishing features of this company.

Here's a look at all the companies that Anil Ambani owns

<ul><li>PriceWaterhouseCoopers resigned as Reliance Capital and Reliance Home Finance’s auditor effective on June 11.</li><li>PwC said the company prevented it from exercising independent judgment.</li><li>PwC noted some observations and transactions and did not receive satisfactory response to queries.</li></ul> Top accounting firm PriceWaterhouseCoopers (PwC) resigned as Reliance Capital and Reliance Home Finance’s auditor effective on June 11. In a letter, PwC said that the company prevented it from performing its duties as statutory auditors. The stock of Reliance Capital fell as much as 7% in early trade on Tuesday (June 12) before recovering. As per a letter by PwC which was a part of BSE filing by Reliance Capital, the company prevented it from exercising independent judgment in making a report to the members of the company. “And impaired its independence and hence it is no longer in a position to complete the audit and instead feels compelled to withdraw from the audit engagement and resign,” the letter said. The dispute started when PwC noted some observations and transactions which in its assessment if not resolved satisfactorily might be significant or material to the financial statements. And, that it did not receive satisfactory response to its queries. The Anil Dhirubhai Ambani Group company also did not convene an audit committee meeting within the expected time, PWC said in a letter. Instead, it said that it will initiate legal proceedings against the firm. “PWC’s observations are completely baseless and unjustified. PWC has acted prematurely without even statutory discussions with the Audit Committee. There is no question of ‘diversion’; zero loans and / or liquidity have been provided by any lender in the PWC audit period,” Reliance Capital said in a statement on June 13. “Reliance Capital is by law required to fund only group entities, being a Core Investment Company (CIC). All resources have been utilised purely to support group debt servicing of Rs 35,000 crore in past 14 months,” the statement said. The other auditor Pathak H D A Associates will continue as the sole statutory auditor. This comes after a confidence-building conference call by Anil Ambani, the chairman of the ADA group on June 11. He had claimed to service all the group’s debt obligations and spoke about how he was ‘personally anguished’ by rumour mongering which has hammered his group companies’ stock. SEE ALSO: <a href="https://www.businessinsider.in/business/billionaire-anil-ambani-ready-to-pay-all-debts-of-reliance-goup/articleshow/69738912.cms" data-type="tilCustomLink" target="_blank">High on debt troubled billionaire Anil Ambani blames everyone but himself</a>

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Anil Ambani's journey from $42 billion net worth to claiming poverty

Prabhjote Gill

A British judge won't believe Anil Ambani is 'broke'⁠— or that his family won't bail him out

PTI

Here's a look at all the companies that Anil Ambani owns

BI India Bureau

The auditor to Anil Ambani firm Reliance Capital says it wasn't allowed to do its job

Katya Naidu