Chairman of Anil Dhirubhai Ambani Group: ‘Have just 1 car, sold jewellery to pay legal fees’

Chairman of Anil Dhirubhai Ambani Group (ADAG), Anil Ambani, told a UK court on Friday that he sold off all his jewellery to pay off legal fees for the ongoing case. Anil Ambani went from being sixth richest person on the planet to ‘zero net worth’.

Asia’s richest man Mukesh Ambani,younger sibling, also told the UK court that he is a “simple man of simple tastes” and owns just one car.

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Chairman of Anil Dhirubhai Ambani Group: ‘Have just 1 car, sold jewellery to pay legal fees’

The indebted businessman said he received Rs 9.9 crore after selling all his jewellery between January and June 2020 and owns “nothing meaningful”, according to a Times of India report. He also said that “speculative media stories” about his lifestyle were greatly exaggerated when asked about his fleet of cars. “I have never owned a Rolls Royce. I use just one car at present,” the report quoted Ambani as saying.

The industrialist made the claims during the hearing of a lawsuit brought by three Chinese companies on an alleged breach of personal guarantee on debt refinancing loan.

The three state-owned Chinese banks which filed the lawsuit include–Industrial and Commercial Bank of China, China Development Bank and Exim Bank of China. They claim Ambani owes them a whopping $680 million in dues after an alleged breach of personal guarantee on a debt refinancing loan of around $925 million.

“My expenses are minimal and being borne by wife and family,” Ambani added. “I don’t have a lavish lifestyle and no other income. I met legal expense by sale of jewellery and, if I have to meet further expenses, [it] will be subject to approval by the court to dispose of other assets.”

On May 22, the UK court asked him to pay $716.9 million or Rs 5,821 crore and $ 750,000 or Rs 7 crores in legal costs to the Chinese banks by June 12. On June 15, the Chinese banks led by Industrial and Commerce Bank of China sought disclosure of Ambani’s assets after he failed to pay the dues which are yet to be paid, says the report.