Three Chinese banks have taken the Chairman of The Reliance Group to court. They have collectively sued Mr. Anil Ambani in accusations of Defaulted Loans. He is the brother of Asia’s biggest business tycoon Mukesh Ambani. Anil Ambani once like his brother was in the list of the most elite and richest men in the world. Earlier in the possession of 42 Billion US Dollars, Anil now has no net worth at all. After 2005 he demerged from his brother’s company Reliance Industries Limited. Onward 2006, he has privately led The Reliance Group. Constant losses in the firm’s business activity led to intake of multiple overseas loans.
Anil Ambani borrowed 680 Million US Dollars from these Chinese banks. Unable to repay even the principal amount he continues to stay in debt. The Industrial & Commercial Bank of China Ltd., China Development Bank and the Export-Import Bank of China agreed to loan 925.2 million US Dollars to his firm Reliance Communications Ltd. Some repayments were made by the wireless carrier. However, in February 2017 it defaulted on its payment obligations. The UK court has now intervened after conducting a hearing in an undisclosed location. They have ordered Anil Ambani to repay 717 Million US Dollars to the three banks in total.
This as a verdict has officially ended the case. According to the court order, he also has to pay the principal amount. Interest outstanding as of May 22 is of 51,923,451 Million US Dollars. Default interest due is of 115,189,579 Million US Dollars.