Bank of China launches enforcement action on Anil Ambani’s worldwide assets

Bank of China launches enforcement action on Anil Ambani's worldwide assets

London: 3 Chinese banks traded by Anil Ambani Owes more than $716 million (Rs 5,276 crore) Significant legal costs, Decided to pursue the right to him. Worldwide assets, Then besieged Trust group Interrogation against the chairman’s British High Court on Friday.
Once the sixth richest man in the world, Ambani British court On May 22 this year, China Industrial and Commercial Bank, China Export-Import Bank, and China Development Bank, including interest and legal expenses of 750 million pounds (740 million dollars), were raised 716 million dollars (5276 million rupees). Paid. After taking into account the interest accrued up to June 29th, the debt he owed increased to $716.7 million.
Bankim Thanki QC, representing the bank, told the Commercial Court of the British High Court on Friday that Ambani was “sticking teeth and nails so that we don’t have to pay us a dime.”
Following Friday’s hearing, the bank issued a statement stating that it would seek enforcement action against Ambani and all possible remedies. “Banks use information from cross-checks to pursue all legal means available to protect An outstanding loan I owe them,” the statement said.
It is believed that the Bank of China is not currently pursuing enforcement of India’s Ambani assets. State Bank of India is currently being held by the Delhi High Court due to bankruptcy proceedings against Ambani.
The bank is expected to take enforcement action against assets outside of India based on what is disclosed in his statement.
On June 29, 2020, the High Court ordered Ambani to file a statement in excess of US $100,000 (approximately Rs 74 lakh), regardless of whether all of his assets in the world were in his name. On the means of paying the judgment order.
These documents had to contain evidence of all trusts, including income and withdrawals, assets and liabilities, bank statements, stock certificates, balance sheets, and profit and loss accounts for all of his business and family trusts he was nominated as beneficiaries. . The court also appeared in court on Friday via videolink and ordered “answer the oath to all questions asked by the judgment creditor.”
A few minutes before the cross-examination, he was successfully ordered not to disclose financial documents to third parties, but despite an application for this, his cross-examination was not heard privately.
After the hearing, the general manager Jervis Kay QC ordered him to pay an additional £140,000 (Rs 131 lakh) “in account” for the bank’s legal fee for the cross-examination hearing while a detailed cost assessment was taking place.
The bank has also been paid legal fees to defend against failed privacy applications. The exact amount Ambani will have to pay depends on the further filing, but the bank is looking for £34,000 (Rs 31 lakh).
After the hearing, Ambani’s spokesman said, “Mr. Anil Ambarney has always been a simple man of mere taste, contrary to the overblown perception of his glamor and lavish lifestyle. He is an avid marathon runner, devoted to his family and company. He is also As a lifetime vegetarian, teetotaler, and non-smoker, it’s better to watch a movie with your kids at home than to go out to town. Reports that they are not are completely misleading.”
A dispute arose over a loan issue made by three Chinese banks. Trust communication (RCom) is worth 925 million dollars (Rs 6,817 crore) in 2012. RCom initially started defaulting after paying the loan repayment.
Chinese banks claim that RCom’s former chairman, Ambani, provided personal guarantees on loans of up to $925 million. He denied that the endorsement was binding on him. However, the High Court insisted that in its summary ruling of May 22, 2020, the bank established a claim that personal guarantees were binding on Ambani “well beyond the criterion of probability balance”.

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