UK court orders Anil Ambani to pay $717 million to Chinese banks

A UK court on Friday directed Reliance Group chairman Anil Ambani to pay nearly $717 million (around Rs 5,446 crore) within 21 days to three Chinese banks pursuing the recovery of funds owed to them as part of a loan agreement.

In February 2012, Reliance Com took a loan of over $700 million from three Chinese Banks which Anil Ambani provided personal guarantee to. The company now in insolvency proceedings, defaulted on the loan which the banks have sued it for to be recovered with interest. The three banks in question are Industrial and Commercial Bank of China Ltd Mumbai Branch, China Development Bank and Exim Bank of China.