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Anil Ambani has to pay $ 100 million at the end of the day

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NEW DELHI: Reliance Group President Anil Ambani is running out of time. The brother of one of Asia’s richest men and a billionaire who lost once lost an attempt to appeal a UK court order that he set aside $ 100 million in his dispute with three Chinese banks.

Anil Ambani has until 4:00 p.m. Friday in London to make the payment in court or risk automatically losing the lawsuit for more than $ 700 million in defaulted loans. Failure to make the payment would mean banks could seek summary judgment and allow them to go ahead with attempts to seize Ambani’s assets in India or elsewhere.

His last-minute effort to postpone the deadline failed after an appeals court judge ruled Thursday that his request “had no real prospect of success and is entirely without merit.”

The claim was filed by three state-controlled Chinese banks, including the Industrial & Commercial Bank of China Ltd, who argue that they made a $ 925 million loan to Ambani’s Reliance Communications Ltd in 2012 on the condition that he personally guarantee the debt. . The firm filed for bankruptcy last year.

Ambani has contested the personal guarantee before a full trial. A representative declined to comment immediately. His UK lawyers did not immediately respond to calls and emails seeking comment.

The 60-year-old man is the younger brother of Mukesh Ambani, who was the richest man in Asia until earlier this year. Mukesh has rescued his brother in the past, making a last-minute payment on an Indian case that would have seen Anil jailed. But Mukesh himself has seen his fortune almost halve in the past few weeks after the collapse of oil prices. It is still worth $ 34 billion.

Meanwhile, Anil Ambani has declared poverty, saying his net worth was zero.

“The value of my investments has collapsed,” David Waksman told Judge in February.

But at that hearing, the judge ruled that Anil Ambani or a member of his family must still deposit the cash. He said he did not believe that his family would not help.

“What I am dealing with is an extraordinarily rich family that has helped each other in the past,” he said. Waksman said he did not accept that the Ambani family “has closed the blinds firmly and irrevocably.”

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