Three state-controlled Chinese banks have pursued Ambani for more than $700 million in a London court, arguing that they provided funding to his Reliance Communications Ltd. in 2012 with the condition that he personally guarantee the debt. After winning a ruling requiring Ambani to make the payments, the banks have yet to receive any funds.
“He’s fighting tooth and nail to prevent having to pay us a penny,” the banks’ attorney, Bankim Thanki, said of Ambani.
Ambani, the younger brother of Asia’s wealthiest man, said that a judge was wrong to say he’d lived a lavish lifestyle, insisting that he was a marathon runner who didn’t drink, smoke or gamble.
“I think I must put it respectfully in perspective,” Ambani said. “My needs are not vast and my lifestyle is very disciplined.”
“Any suggestion of a lavish lifestyle past, present and future is completely…