Anil Ambani said a judge was wrong to say he had led a lavish life.
Former billionaire Anil Ambani dismissed judge’s comment he was living a ‘lavish lifestyle’ as he faced questions over his assets from lawyers acting for a trio of Chinese banks .
Ambani was testifying by videoconference for the first time since Mumbai, in an English-language trial over a dispute over a delinquent loan. The mogul, who previously said his net worth was “zero,” was asked about his spending and finances, including more than $ 100 million in family loans.
Three state-controlled Chinese banks sued Ambani for more than $ 700 million in a London court, claiming they had funded its Reliance Communications Ltd. in 2012 on the condition that he personally guaranteed the debt. After securing a decision requiring Ambani to make the payments, the banks have yet to receive funds.
“He is fighting tooth and nail to avoid having to pay us a dime,” bank lawyer Bankim Thanki said of Ambani.
Ambani, the younger brother of Asia’s richest man, said a judge was wrong to say he had led a lavish life, insisting he was a marathon runner who did not did not drink, smoke or gamble.
“I think I have to respectfully put it in perspective,” Ambani said. “My needs are not great and my lifestyle is very disciplined.”
“Any suggestion of a lavish lifestyle past, present and future is completely speculative,” he said.
Ambani has been accused of putting his assets beyond the reach of his creditors by putting the property into legal persons. The family’s art collection belonged to his wife, he said. The luxury motor yacht, which was used by family members – but not Ambani himself, who said he was seasick – was also owned by a company, he said.
Ambani had always said that he never made a personal guarantee – which he dismissed as “potential extraordinary personal liability”.
On Friday, Ambani was examined over credit card spending at luxury stores, including Harrod, which he said was made by his mother on his cards. He was also questioned about a $ 66 million loan from his mother, Kokilaben Ambani, and a $ 41 million loan from his son. He said he couldn’t remember the terms of the loans, but insisted they were not gifts.
The former billionaire “has always been a simple man with simple tastes, contrary to exaggerated perceptions of his flamboyance and lavish lifestyle,” an Ambani spokesperson said in a statement. “He’s also a longtime vegetarian, teetotaler and non-smoker who would much rather watch a movie at home with his kids than go out into town.”
– With the help of PR Sanjai.
(Except for the title, this story was not edited by GalacticGaming staff and is posted from a syndicated feed.)
