Yesterday, a UK court has ordered Reliance Group chairman Anil Ambani to pay $717 million within a deadline of 21 days to three Chinese banks as an action to recover funds he owes them as part of a loan agreement.
In an online court hearing at the wake of Covid-19 pandemic, Justice Nigel Teare announced at the Commercial Division of the High Court of England and Wales in London that a personal guarantee is binding on the defendant Ambani.
Justice Teare’s note further declared that the sum payable by the Anil Ambani to the Claimant banks is $716,917,681.51. Anil Ambani’s spokesperson said this judgement is associated with an alleged personal guarantee for a corporate loan received by Reliance Communications Limited in 2012 for global refinancing, and is not Ambani’s personal loan.
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