What ‘bankrupt’ Anil Ambani didn’t tell: his $1.3-billion web of offshore firms

[Ryzen_renoir]

In February 2020, following a dispute with three Chinese state-controlled banks, Anil Ambani told a London court that his net worth was zero.

The court observed that “there are questions about the extent to which Mr Ambani has any offshore interests, because if so they have not been declared”.

 

Three months later, he was ordered to pay $716 million to the banks. But he did not, and denied having any asset or worthwhile beneficial interest in any entity worldwide.

Records in the Pandora Papers investigated by The Indian Express reveal that the chairman of Reliance ADA Group and his representatives own at least 18 offshore companies in Jersey, British Virgin Islands (BVI) and Cyprus (see chart).

Set up between 2007 and 2010, seven of these companies have borrowed and invested at least $1.3 billion.
In Jersey, Anil Ambani owned three companies — Batiste Unlimited, Radium Unlimited and Hui Investment Unlimited — that were incorporated between December 2007 and January 2008.

Batiste Unlimited and Radium Unlimited are owned by Reliance Innoventures Pvt Ltd, the ultimate holding company of ADA Group. Hui Investment Unlimited is owned by AAA Enterprises Ltd (Reliance Inceptum Pvt Ltd since 2014), which is a promoter company of Reliance Capital.

Records also show that two other companies incorporated in Jersey in January 2008 — Summerhill Ltd and Dulwich Ltd — are owned by a “representative of Anil Ambani”, identified as Anup Dalal.

 

Three other Jersey companies linked to Anil Ambani and incorporated in January 2008 are: Laurence Mutual; Richard Equity Ltd and German Equity Limited, all beneficially owned by a lawyer in Geneva.

Records show that service providers which managed these companies put on record that seven of these received loans from banks which were “guaranteed by Reliance/Anil Ambani, in order to make investments…For those investments that have been realised, the monies were then in turn loaned out by the companies to other companies.”

[Ryzen_renoir]

At the end of 2020 anil Ambani group of companies had total outstanding dues of over 2 lakh crores out of which majority are NPA'S 

Even better he will never step foot in jail , it's all legalised corruption