Anil Ambani to Pay ₹ 5000 crore to 3 Chinese Banks

Anil Ambani

Highlights :

UK court orders Anil Ambani to pay 717 Million dollars to 3 Chinese Banks within 21 days

The Banks are - Industrial and Commercial Bank of China Ltd. Mumbai Branch, China Development Bank, Exim Bank of China

THE CASE

The three Chinese banks in 2012 loaned RCom almost $1 billion. They said that the agreement was signed in Hong Kong where a senior RCom official signed off on the deal which included a personal guarantee, making Ambani responsible for the debt under English law. The banks sued him in the English court after RCom defaulted on the repayments, even as Ambani maintained that he had not authorised anyone to sign on a personal guarantee on his behalf.

The court rejected the argument saying his family members would come to his help as they had in the past. In March last year, Mukesh Ambani saved his sibling from a possible jail term when he helped RCom pay Rs 458.77 crore to Swedish telecom equipment maker Ericsson a day before the Supreme Court deadline ended. Anil later issued a statement thanking Mukesh and his wife Nita Ambani for helping him.

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