Anil Ambani tells his networth is zero in UK court.

Business news : Reliance group chairperson on Friday plead at the court that his net worth is zero despite of private jet, yacht and fleet of cars.

Former billionaire Anil Ambani once was the sixth richest man in the World. A London court directed Anil Ambani to pay $100 million to the court in six weeks in response to a lawsuit filed by three state-controlled Chinese banks, which have claimed that they gave a loan of $925 million to Anil’s Reliance Communications in 2012 under the condition that he personally guarantee the debt.

Three Chinese banks — Industrial and Commercial Bank of China Ltd (ICBC), China Development Bank and the Export-Import Bank of China — are suing Ambani in the high court here for more than $700 million (over Rs 5,000 crore) , including interest, for defaulting on a loan they gave Reliance Communications (RCom) — now in insolvency proceedings — in February 2012, which RCom defaulted on. The banks claim Ambani provided a personal guarantee for the loan, but Ambani disputes this.

“The value of Ambani’s investments has collapsed since 2012,” his lawyer Robert Howe told the court. “The Indian telecom sector in particular has been dramatically hit by the Indian government’s change of policy in relation to the grant of spectrum. Whereas Mr Ambani’s investments were worth more than $7 billion in 2012, they are now worth $89 million, and his net worth is zero once his liabilities are taken into account...Quite simply, he was a wealthy businessman, now he is not.”