I lead ‘disciplined’ not ‘lavish’ lifestyle: Anil Ambani in questioning with Chinese banks

Ambani was giving evidence via videolink for the first time from Mumbai, in an English lawsuit over a dispute stemming from a defaulted loan.

I lead ‘disciplined’ not ‘lavish’ lifestyle: Anil Ambani in questioning with Chinese banks
I lead ‘disciplined’ not ‘lavish’ lifestyle: Anil Ambani in questioning with Chinese banks

Former billionaire Anil Ambani rejected a judge's comment that he was living a "luxurious lifestyle" as he had questions about the wealth of lawyers working for a trio of Chinese banks.

Ambani was giving evidence for the first time from Mumbai in an English trial on a dispute arising out of a defaulted loan. The tycoon, who previously said his total assets are "nil", was questioned about his expenses and his finances, which included more than $ 100 million in family debt.

Three state-controlled Chinese banks pursued Ambani for more than $ 700 million in a London court, arguing that he provided funds to his Reliance Communications Ltd in 2012 with the condition that he personally loan Guarantees. After winning a ruling requiring Ambani to make the payment, the banks have not yet received any funds.

Banking attorney Bankim Thanki quoted Ambani as saying to fight tooth and nail to stop giving us a penny.

Ambani, the younger brother of Asia's wealthiest, said a judge was wrong to say that he lived a luxurious lifestyle, stressing that he was a marathon runner who was drinking, smoking, or Was gambling.

"I think I should put it in perspective," Ambani said. "My needs are not very big and my lifestyle is very disciplined."

"Any suggestion of a lavish lifestyle of the past, present, and future is completely speculative," he said.

Ambani was accused of putting his assets out of the reach of his creditors by taking ownership of corporate entities. The family art collection was owned by his wife, he said. He said the luxury motor yacht, which was used by family members - but not Ambani himself, who said he was suffering from seawater - also owned a company.

Ambani had always said that he had never taken a personal guarantee - something he dismissed as an "extraordinary potential personal obligation".

On Friday, Ambani was investigated for credit-card spending at luxury shops, including Herod's, which he said his mother had made on her card. He was also questioned over a $ 66 million loan provided by his mother Kokilaben Ambani and a $ 41 million loan from his son. He said he expected the terms of the loan to be withdrawn but said he withdrew.

"The former billionaire has always been a man of simple temperament," Ambani said in a statement, contrary to exaggerated perceptions of his flamboyant and lavish lifestyle. "He is also a lifelong vegetarian, tattooed, and non-smoker who watches a movie at home with his children instead of going out on the town. "