Former billionaire Anil Ambani rejected a choose’s remark that he lived a “lavish way of life” as he confronted questions on his belongings from attorneys performing for a trio of Chinese language banks.
Ambani was giving proof through videolink for the primary time from Mumbai, in a English lawsuit over a dispute stemming from a defaulted mortgage. The tycoon, who has beforehand stated his internet price is “zero,” was questioned about his spending and his funds, together with greater than $100 million in household loans.
Three state-controlled Chinese language banks have pursued Ambani for greater than $700 million in a London court docket, arguing that they offered funding to his Reliance Communications Ltd. in 2012 with the situation that he personally assure the debt. After profitable a ruling requiring Ambani to make the funds, the banks have but to obtain any funds.
“He’s combating tooth and nail to stop having to pay us a penny,” the banks’ lawyer, Bankim Thanki, stated of Ambani.
Ambani, the youthful brother of Asia’s wealthiest man, stated choose was improper to say he’d lived a lavish way of life, insisting that he was a marathon runner who didn’t drink, smoke or gamble.
“I believe I have to put it respectfully in perspective,” Ambani stated. “My wants will not be huge and my way of life could be very disciplined.”
“Any suggestion of a lavish way of life previous, current and future is totally speculative,” he stated.
Ambani was accused of placing his belongings out of the attain of his collectors by placing the possession in company entities. The household artwork assortment was owned by his spouse, he stated. The luxurious motor yacht, which was used members of the family — however not Ambani himself, who stated he suffered from seasickness — was additionally owned by an organization, he stated.
Ambani had at all times stated he by no means made a private assure — one thing he’d dismissed as an “extraordinary potential private legal responsibility.”
On Friday, Ambani was examined over credit-card spending in luxurious outlets together with Harrod’s that he stated was finished by his mom on his playing cards. He was additionally questioned over a $66 million mortgage offered by his mom, Kokilaben Ambani, and a $41 million mortgage from his son. He stated he couldn’t recall the phrases of the loans however insisted they weren’t items.
The previous billionaire “has at all times been a easy man of straightforward tastes, opposite to exaggerated perceptions of his flamboyance and lavish way of life,” a spokesman for Ambani stated in a press release. “He’s additionally a lifelong vegetarian, teetotaller and non-smoker who would a lot quite watch a film at residence together with his youngsters than exit in town.”