The claims made by the younger sibling of Asia’s richest man Mukesh Ambani came during the hearing of a lawsuit brought by three Chinese companies on an alleged breach of personal guarantee on debt refinancing loan.
Giving the evidence via video link, Ambani in the English lawsuit reportedly said that he received Rs 9.9 crore for all the jewellery between January and June 2020 but now owns nothing meaningful.
On being questioned about his luxury car and helicopter, Ambani claimed that he never owned a Rolls-Royce and uses only car at the moment. Speaking of the helicopter, the industrialist said that he does not pay for it unless he personally uses it.
"My expenses are minimal and being borne by wife and family. 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, will be subject to approval by the court to dispose of other assets," Ambani told the court, as quoted by TOI.
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About Chinese Loan Payment Case:
The three state-owned Chinese banks - Industrial and Commercial Bank of China, China Development Bank and Exim Bank of China - pursued Ambani for more than $700 million in a London court. The Chinese banks have argued that in 2012, they provided funds to Ambani's Reliance Communications Ltd. with the condition that he personally guarantee the debt.
They reportedly claim that Ambani now owes them a whopping $680 million in dues after an alleged breach of personal guarantee on a debt. After winning a ruling requiring Ambani to make the payments, the banks are yet to get back their money.