Tag: london court

The Industrial & Commercial Bank of China Ltd., China Development Bank and the Export-Import Bank of China (Chinese Banks) have dragged Asia’s Richest man brother, Anil Dhirubhai Ambani to London court for his default of not paying back the loan amount of $680 million. ICBC lawyer told the court that $925.2 million loans were given to Reliance Communications Ltd which, Anil Ambani’s firm in the year 2012 on the condition that he will provide a personal guarantee. He added the firm made some payments, however, in 2017 they defaulted if paying the money. However, Anil, on the contrary, said that though he has agreed for a non-binding “personal comfort letter,” but he never guaranteed to ties his assets which is an “extraordinary potential personal liability.”