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ADAG Group Chairman Anil Ambani, who is facing a lawsuit by three Chinese banks in a UK court, during a hearing on Friday, said he paid legal fees for the case by selling off jewelry.

KEY HIGHLIGHTS

• Ambani was ordered by UK court to list all his assets worldwide after he failed to his dues worth $717 million to three Chinese banks in June

• Ambani said media reports of his lifestyle are speculative as he is a “simple man of simple tastes”

• He denied owning a Rolls Royce and said he owns just one car

Anil Ambani, the embattled chairman of Anil Dhirubhai Ambani Group (ADAG), who went from being sixth richest person on the planet to ‘zero net worth’, told a UK court on Friday that he sold off all his jewellery to pay off legal fees. The younger sibling of Asia’s richest man Mukesh Ambani also told the UK court that he is a “simple man of simple tastes” and owns just one car.

The obligated finance manager said he got Rs 9.9 crore in the wake of selling all his adornments among January and June 2020 and claims “nothing important”, as indicated by a Times of India report. He additionally said that “theoretical media stories” about his way of life were significantly overstated when gotten some information about his armada of vehicles. “I have never claimed a Rolls Royce. I utilize only one vehicle at present,” the report cited Ambani as saying.

The industrialist made the cases during the becoming aware of a claim brought by three Chinese organizations on a supposed break of individual assurance on an obligation renegotiating advance.

The three Chinese banks who documented the claim incorporate Industrial and Commercial Bank of China, China Development Bank, and Exim Bank of China – which guarantee they are owed an incredible $680 billion in duty after a supposed break of individual assurance on an obligation renegotiating credit of around $925 million.

“My costs are negligible and being borne by spouse and family,” Ambani included. “I don’t have an extravagant way of life and no other salary. I met lawful cost by an offer of adornments and, in the event that I need to meet further costs, [it] will be dependent upon endorsement by the court to discard different resources.”

On May 22, the UK court requested that he pay $716.9 million or Rs 5,821 crore and $ 750,000 or 7 crores in lawful expenses to the Chinese banks by June 12, 2020. On June 15, the Chinese banks drove by Industrial and Commerce Bank of China looked for divulgence of Ambani’s advantages after he neglected to take care of the obligations which are yet to be paid, says the report.

On June 29, the UK court requested Ambani to serve an oath of every one of his assets overall surpassing $100,000 or Rs 74 lakh, regardless of whether claimed by him, whether exclusively or mutually possessed, and whether he is keen on them legitimately, gainfully or something else.

“My costs are insignificant and being borne by spouse and family. I don’t have a luxurious way of life and no other pay. I met lawful cost by an offer of adornments and, in the event that I need to meet further costs, (it) will be dependent upon endorsement by the advantages,” Ambani told the court in a virtual hearing where he showed up from India.