This story is from May 23, 2020

Pay $716 million to 3 Chinese companies: UK court to Anil Ambani

Business tycoon and former billionaire Anil Ambani was on Friday ordered by a UK court to pay three Chinese banks $716 million (Rs 5,439 crore). The commercial court of the high court in London gave a summary judgment against Ambani, chairman of Reliance ADA Group, after his defence was struck down because he failed to make a conditional payment of $100 million (Rs 759 crore) to the court by March 20 this year
Pay $716 million to 3 Chinese companies: UK court to Anil Ambani
Anil Ambani (File photo: PTI)
LONDON: Business tycoon and former billionaire Anil Ambani was on Friday ordered by a UK court to pay three Chinese banks $716 million (Rs 5,439 crore). The commercial court of the high court in London gave a summary judgment against Ambani, chairman of Reliance ADA Group, after his defence was struck down because he failed to make a conditional payment of $100 million (Rs 759 crore) to the court by March 20 this year.

A spokesperson for Ambani said, “The matter pertains to an alleged personal guarantee for a corporate loan availed by Reliance Communications (RCom) in 2012 for global refinancing. It is emphasised that it is not a personal loan of Mr Ambani.”
ICBC (Industrial and Commercial Bank of China) made their claim based on an alleged guarantee that was never signed by Ambani and he has consistently denied having authorised anyone to execute any guarantee on his behalf, the spokesperson said.
The amount ordered to be paid based on the alleged guarantee will, in any case, reduce substantially upon the imminent resolution of RCom’s debt in accordance with the Insolvency & Bankruptcy Code, 2016, the spokesperson said, adding that as far as the judgment of the UK court is concerned, the question of any enforcement in India does not arise in the near future.
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