This onetime tech billionaire says he’s now worth nothing

Anil Ambani, the chairman of Reliance Group, which was created in July 2006 following a de-merger from Reliance Industries, said his “net worth is zero after taking into account my liabilities.” Reliance Group is an Indian conglomerate that provides financial services, construction, entertainment, power, health care, manufacturing, defence, aviation, and transportation services.

The 60-year-old Anil Ambani is the brother of Mukesh Ambani, who’s worth $56.5 billion and is the wealthiest man in Asia. However, Anil has seen his personal fortune collapsed in recent years causing him to lose his billionaire status. His company, Reliance Communications, filed for bankruptcy last year.

Anil made the shocking announcement after he was ordered by a court in London to set aside $100 million in his dispute with three Chinese banks. In a court ruling last Friday, Judge David Waksman ordered Ambani to put up $100 million into the court’s account within six weeks. Ambani said he plans to appeal the ruling. The judge ruled that if there is irregularity in the conduct of Anil Ambani’s companies, it would be a reflection on the chairman as he is fully involved in operations.

“The value of my investments has collapsed,” Anil Ambani said, according to filing by three Chinese banks seeking around $700 million in defaulted loans. “My net worth is zero after taking into account my liabilities. In summary, I do not hold any meaningful assets which can be liquidated for the purposes of these proceedings.”

The lawsuit was filed by three state-controlled Chinese banks, which argue that they provided a loan of $925 million to Ambani’s Reliance Communications Ltd. in 2012 with the condition that he personally guarantee the debt. Ambani’s comments were disclosed as he tried to avoid depositing hundreds of millions of dollars with the court ahead of a trial.

Reliance Commercial Corporation was founded by Dhirubhai Ambani in 1966 as a polyester firm. It got renamed as Reliance Industries on May 08, 1973. Reliance later entered into financial services, petroleum refining, power sector. By 2002 Reliance had grown into a U$15 billion conglomerate.

After the death of Dhirubhai Ambani on 6 July 2002, Reliance was headed by his two sons. The Reliance ADA Group was formed in 2006 after the two brothers Mukesh Ambani and Anil Ambani, split Reliance Industries in December 2005. Anil Ambani later got the responsibility of Reliance Infocomm, Reliance Energy and Reliance Capital.