UK High Court dismisses $680-mn claim of Chinese banks against Anil Ambani

LONDON: The UK High Court on Monday ruled in favour of Anil Ambani by dismissing the summary judgment application of Chinese banks against him. Chinese banks had claimed $680 million from Ambani against corporate loans given to Reliance Communications Limited (RCom).

A spokesperson for Ambani said: “Anil Ambani is pleased with the dismissal of the summary judgement application filed by the Chinese banks before the UK High Court.

“Ambani’s position that the claim made by the Chinese Banks in relation to his alleged guarantee for corporate loans availed by Reliance Communications Limited (RCom) could not be granted by way of a summary judgement has been duly upheld by the UK High Court. Harish Salve appeared for Anil Ambani in the Court.

“Ambani has contested the proceedings and put up a strong legal defence, and will continue to contest the proceedings and seek leave to defend, without any conditions as to making of deposits or payments being imposed.

“Ambani is confident that he will have an opportunity to place the necessary evidence before the UK High Court, in the course of the trial to establish that Chinese banks’ claims are without any merit.

“At this stage of the proceedings, the evidence of the personnel of RCOM who were dealing with the personnel of the Chinese banks could not be placed, which led to certain doubts being expressed in the judgment on account of the evidence being incomplete and thus appearing implausible. However, Ambani is confident that his position would be fully vindicated once all the facts and the entire evidence are placed before the court.” (IANS)

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