Onetime Billionaire Says He’s Now Worth Nothing [Yahoo! Finance News]
INDUSTRIAL & COM UNSP/ADR (IDCBY)
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Source: Yahoo! Finance News
) -- Follow on Telegram for all the investment news and analysis you need. The brother of Asia’s richest man has pleaded poverty in his dispute with three Chinese banks seeking $680 million in defaulted loans. “The value of my investments has collapsed,” Anil Ambani said, according to a court filing by the banks in a London lawsuit. “The current value of my shareholdings is down to approximately $82.4m and my net worth is zero after taking into account my liabilities. In summary, I do not hold any meaningful assets which can be liquidated for the purposes of these proceedings.” The lawsuit was filed by three state-controlled Chinese banks which argue that they provided a loan of $925 million to Ambani’s Reliance Communications Ltd. in 2012 with the condition that he personally guarantee the debt. The comments were disclosed Friday as Ambani sought to avoid depositing hundreds of millions of dollars with the court ahead of a trial. The embattled Indian tycoon says that while he agreed
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