3 Chinese Banks will pursue all legal routes to recover $717.75 Million from Former Millionaire Anil Ambani now Bankrupt

Anil Ambani owes $717 million to three Chinese banks. These banks are the Industrial and Commercial Bank of China, Export-Import Bank of China, and China Development Bank.

Anil Ambani owes $717 million to three Chinese banks. These banks are the Industrial and Commercial Bank of China, Export-Import Bank of China, and China Development Bank. Ambani said that his expenses are minimal and are usually met by selling jewellery. The Chinese bans said that they will have to legally protect their rights to recover the outstanding loans from Anil Ambani.

Anil Ambani told the UK court on Friday that he is a “simple man of simple tastes” and has no lavish lifestyle. He received Rs 9.9 crore by selling jewellery between January and June 2020. He continues by saying that he has nothing meaningful left which can be utilized to repay the debt. He added that the media stories which show that he lives a speculative lifestyle are greatly exaggerated. Also, when he was asked about his fleet of cars, he said he owned one car at present.

Lawyer Bankim Thanki is representing the Chinese Banks and during cross-examination, he asked if “he was living in a rent-free property owned by his elder brother and Reliance Industries Chairman Mukesh Ambani.” Anil Ambani gave an affirmative reply.

On May 22, the UK court asked Ambani to pay $717 million and $750,000 in legal costs to Chinese banks. Anil Ambani failed to do so and the Chinese banks sought disclosure of his assets. On June 29, the UK court ordered Ambani “to serve an affidavit of all his possessions worldwide exceeding $100,000 whether or not owned by him, whether solely or jointly owned, and whether he is interested in them legally, beneficially or otherwise.”