Former billionaire Anil Ambani rejected a judge’s comment that he lived a “lavish lifestyle” as he faced questions about his assets from lawyers acting for a trio of Chinese banks.
Ambani was giving evidence via videolink for the first time from Mumbai, in an English lawsuit over a dispute stemming from a defaulted loan.
The tycoon, who has previously said his net worth is “zero,” was questioned about his spending and his finances, including more than $100 million in family loans.
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.
