Anil Ambani evidence called ‘implausible’ by judge in bank case

Bloomberg

The brother of Asia’s richest man won a preliminary motion in a dispute with three Chinese banks seeking $680 million in defaulted loans, but still suffered a setback as a London judge called his evidence “implausible and highly unlikely” ahead of a full hearing next year.
Judge David Waksman also said there is “a plain case” to issue an order against Anil Ambani after the banks asked for him to deposit funds with the court before a London trial. The exact terms of the order will be determined in February.
Industrial & Commercial Bank of China Ltd, China Development Bank (ICBC) and the Export-Import Bank of China agreed to loan $925 million to Ambani’s firm Reliance Communications in 2012 on condition that he provide a personal guarantee, ICBC’s lawyer has previously argued.
The Indian tycoon says that while he agreed to give a non-binding “personal comfort letter,” he never gave a guarantee tied to his personal assets — an “extraordinary potential personal liability.” “I think it is highly probable that at trial his defense will be shown to be opportunistic and false,” the judge said in his ruling.
The banks asked Waksman to force Ambani to put up the full amount of the debt “or such other sum as the court consider appropriate” while the litigation continues, according to their court filings in the case.
Ambani’s representative focused on the the judge’s decision to dismiss the banks’ summary judgment application for an early ruling on the merits of the case.
“Mr Ambani has contested the proceedings and put up a strong legal defense, and will continue to contest the proceedings and seek leave to defend, without any conditions as to making of deposits or payments being imposed,” the representative said.
He’s the brother of Mukesh Ambani, who’s worth $61.7 billion and is the wealthiest man in Asia and ninth richest in the world.