Anil Ambani

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Anil Ambani is no longer a wealthy businessman: His lawyers tell UK court

London: Reliance Group chairman Anil Ambani was a wealthy businessman and now he is not as a result of a “disastrous turn of events” in the telecom market in India, his lawyers told a UK court on Friday as they fought a bid by top Chinese banks to recover $680 million from the Indian businessman.

The Industrial and Commercial Bank of China Ltd Mumbai Branch, on behalf of itself, China Development Bank and Exim Bank of China, had sought summary judgment against Ambani over an alleged breach of a personal guarantee on a debt refinancing loan of around $925 million in February 2012.

Source: Livemint

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