Anil ambani was giving evidence during a dispute involving a loan agreement with three Chinese banks.
London: Reliance Group chairman Anil Ambani has told a UK court that suggestions of his lavish tastes are speculative because his lifestyle is “very disciplined” as he gave evidence during a dispute involving a loan agreement with three Chinese banks.
Anil Ambani tells UK court
The 61-year-old former billionaire appeared via videolink from Mumbai before the supreme court on Friday for compulsory cross-examination in aid of an asset disclosure order obtained by the economic and full service bank of China Ltd Mumbai Branch, China Development Bank and Exim Bank of China.
The order required Ambani to offer full disclosure of all of his assets worldwide exceeding $100,000. “My needs aren’t vast and my lifestyle is extremely disciplined,” Ambani told the London court.
Asked about his fleet of luxury cars and other references to his lavish lifestyle because the counsel for the banks cross-examined him, the Reliance Communications chief dismissed them as “speculative” media stories.
“Mr Anil Ambani has always been an easy man of straightforward tastes, contrary to exaggerated perceptions of his flamboyance and lavish lifestyle,” said a spokesperson for Anil Ambani.
The dispute revolves around an alleged breach of a private guarantee on a corporation debt refinancing loan of around USD 925 million dating back to February 2012.
Ambani denies providing authority for any such guarantee, leading to the supreme court action within the UK – the jurisdiction prescribed as a part of the terms of the loan agreement.
In May, the Commercial Division of the supreme court of England and Wales in London had ruled that the private guarantee was binding on Ambani and directed him to pay early $ 717 million to the three Chinese banks.
“The banks will use the knowledge from the cross-examination to pursue all available legal avenues to guard their rights and recover the outstanding loans owed to them,” the banks said during a statement in the week .
At a hearing within the case earlier within the year, a UK judge had ruled that he didn’t accept Ambani’s defence that his net worth was nearly zero or that his family wouldn’t step in to help him when “push came to shove”.