|Bid||0.6000 x 0|
|Ask||0.0000 x 0|
|Day's Range||0.9700 - 0.9700|
|52 Week Range||0.5500 - 18.6000|
|Beta (3Y Monthly)||0.46|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 5, 2019 - Aug 7, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
in Sri Lanka is a reminder of China Inc’s unfortunate geopolitical miscalculations in south and south-east Asia. This caused Beijing much embarrassment after Mr Rajapaksa’s political opponents unexpectedly defeated him at the polls five years ago, and then began either to scale back many of those projects or renegotiate the Chinese state financing that underpinned them. Mr Rajapaksa is now riding high again as prime minister, after his brother and former defence minister, Gotabaya, last month won the presidency back for Sri Lanka’s most powerful clan.
(Bloomberg) -- Three Chinese banks are suing the brother of Asia’s richest man in a London court for failing to pay back $680 million in defaulted loans.The Industrial & Commercial Bank of China Ltd., China Development Bank and the Export-Import Bank of China agreed to loan $925.2 million to Anil Ambani’s firm Reliance Communications Ltd. in 2012 on condition that he provide a personal guarantee, ICBC’s lawyer Bankim Thanki told the court. Some repayments were made by the wireless carrier but in February 2017, it defaulted on its payment obligations.The embattled Indian tycoon says that while he agreed to give a non-binding “personal comfort letter,” he never gave a guarantee tied to his personal assets -- an “extraordinary potential personal liability.” He’s the brother of Mukesh Ambani, who’s worth $56 billion and is the wealthiest man in Asia and 14th richest in the world. Anil, on the other hand, has seen his personal fortune dwindle over recent years, losing his billionaire status.ICBC “failed and continues to fail, to distinguish between Mr. Ambani on the one hand, and the company to whom the loans were being extended...on the other,” Ambani’s lawyer Robert Howe said in a court filing.Anil Ambani was chairman of Reliance Communications, which fell into administration earlier this year. His wider telecommunications-to-infrastructure empire Reliance Group has continued to struggle under a mountain of debt. As of July, four of its biggest units, excluding the phone company, had about 939 billion rupees ($13.2 billion) of debt, Bloomberg reported in September.Anil Ambani was caught up in a similar case earlier this year, when India’s Supreme Court threatened him with prison after Reliance Communications failed to pay to pay 5.5 billion rupees to Ericsson AB’s Indian unit. The judges gave him a month to find the funds, and his brother, Mukesh, stepped in to make the payment.The brothers’ relationship has been fraught since their father’s death left behind a vast empire that was split between them. While Mukesh’s oil and petrochemicals businesses have flourished, Anil’s assets dwindled.According to a court filing, Anil went to Beijing in the winter of 2011 to negotiate the loan with ICBC’s former Chairman Jiang Jianqing directly. The lenders sought a share pledge before granting the loans, but the legal dispute centers on whether Ambani or one of his associates went on to provide a personal guarantee as security.Hasit Shukla, Reliance’s commercial and treasury head, signed a personal guarantee on Ambani’s behalf by power of attorney when the loan was set up seven years ago, Thanki said. But Ambani didn’t give Shukla the authority to sign for him, making the guarantee non-binding, his lawyer Robert Howe said in written submissions.“Mr. Ambani’s position is that the claim made by ICBC in relation to his alleged personal guarantee for loans to RCOM is without merit,” a spokesman for the tycoon said in an email.Industrial & Commercial Bank is the sole claimant in the London case, and is representing itself and the other two lenders.“This is a straightforward debt claim to recover outstanding loans made to RCOM in good faith, and secured by a personal guarantee given by Mr. Anil Ambani,” the banks said in a statement.In Thursday’s court hearing, ICBC’s lawyers asked Judge David Waksman for an early ruling or a conditional order requiring Ambani to pay into court the unpaid sum and interest under the facility agreement. Ambani has declined to give any evidence of his wealth, they said.(Adds details of brother’s relationship in 6th paragraph.)To contact the reporters on this story: Ellen Milligan in London at email@example.com;Jonathan Browning in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Anthony Aarons at email@example.com, Christopher ElserFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Indian telecom company Reliance Communications Ltd's (RCom) Chief Executive Officer Bill Barney will step down but remain as head of its U.S. unit, Global Cloud Xchange (GCX), as it goes through bankruptcy proceedings, GCX said on Tuesday. GCX, an under-sea cable supplier, expects to complete the liquidation process by the end of the fourth quarter.
An Indian appellate tribunal has lifted a stay on insolvency proceedings against business tycoon Anil Ambani's debt-laden Reliance Communications, the Economic Times reported on Tuesday. The decision by the National Company Law Appellate Tribunal (NCLAT) could potentially force Sweden's Ericsson to return 5.5 billion Indian rupees ($79.06 million) in dues and interest that RCom paid the telecoms equipment maker last month. Ericsson dragged RCom to the National Company Law Tribunal last year over unpaid dues from a deal it had signed in 2014 to deliver and operate RCom's network, but the proceedings had been stayed as the two sides negotiated an out of court settlement.
French newspaper Le Monde reported on Saturday that France waived a tax demand of 143.7 million euros on a French subsidiary of Reliance Communications in 2015 when it was negotiating to sell the jets to India. The longstanding tax dispute was resolved between February and October that year, Le Monde said.
The local unit of Ericsson had accepted a 5.5 billion rupees ($80 million) settlement to keep its petition for Reliance Communications Ltd.’s $7 billion bankruptcy in abeyance. The telecom equipment vendor subsequently won a contempt-of-court order to put Chairman Anil Ambani in jail if the long-delayed payment – which he personally guaranteed – wasn’t received by Tuesday. When a history of the early years of India’s 2016 bankruptcy code is written, Ericsson’s lawyers will deserve a glowing mention.
Telecom equipment maker Ericsson received 4.62 billion rupees ($67.42 million) from RCom as unpaid dues from a deal it had signed in 2014, a spokeswoman said on Monday. India's richest man Mukesh Ambani, who controls oil-to-telecoms powerhouse Reliance Industries, appears to have offered support to ensure Anil Ambani paid off total dues of 5.5 billion rupees ($80 million) to Ericsson.
The embattled former billionaire, Anil Ambani, thanked his brother Mukesh and sister-in-law after Anil’s Reliance Communications Ltd. completed the required 5.5 billion rupee ($80 million) payment to a local unit of Ericsson AB for past maintenance services provided to his group. Repeated failures to pay and Anil’s personal guarantee landed him in trouble in February, with India’s top court giving him a month’s notice to comply or face prison. After Mukesh and Anil carved up the conglomerate, the older brother’s oil and petrochemicals business flourished, while Anil’s businesses ranging from telecommunications to power and infrastructure strained under massive debt.
The Ambani brothers, whose public feud over control of the Reliance empire after their father's death in 2002 led to a split in the conglomerate, may have taken a major step to a more harmonious relationship on Monday. India's richest man Mukesh Ambani, who controls oil-to-telecoms powerhouse Reliance Industries that is now worth many times the troubled business group run by his younger brother Anil, appears to have offered some kind of support to ensure Anil paid off a 5.5 billion rupees debt. If Anil didn't pay the debt, then he had been threatened by India's Supreme Court with a prison term.
(Reuters) - Anil Ambani-led Reliance Communications Ltd (RCom) said on Monday it terminated a deal to sell its telecom assets to Reliance Jio Infocomm, the mobile telecoms firm controlled by Anil's elder ...
The tycoon’s heavily indebted telecom business had promised to pay the local unit of Ericsson AB about 5.5 billion rupees ($80 million) for past maintenance services. If the payment isn’t resolved by Tuesday, Ambani, 59, risks a three-month jail term. Ambani’s net worth has shrunk to about $300 million from at least $55 billion in 2008, according to data compiled by Bloomberg.
India's Supreme Court on Wednesday ordered Ambani's Reliance Communications Ltd and two of its directors to pay Ericsson 4.5 billion rupees ($63.30 million) within four weeks or face a three-month jail term for contempt of court. RCom owes a total 5.71 billion rupees to the Swedish telecoms equipment maker, including a one-time settlement of 5.5 billion rupees and interest payments of 210 million rupees. The company said in a statement on Thursday it has already deposited 1.18 billion rupees with the Supreme Court and has sought approval from its lenders to release tax refunds of a further 2.6 billion rupees to Ericsson.
(Reuters) - India's Reliance Communications (RCom) said on Thursday it has urged its lenders to allow release of 2.60 billion rupees (28.05 million pounds) directly to telecom equipment maker Ericsson. ...
NEW DELHI/MUMBAI (Reuters) - India's Supreme Court on Wednesday found Anil Ambani, chairman of debt-laden Reliance Communications (RCom), guilty of contempt of court for wilfully failing to pay 5.5 billion rupees ($77.29 million) to telecom equipment maker Ericsson. The court ordered the billionaire and two RCom directors to pay 4.5 billion rupees to Ericsson within four weeks or risk a three-month jail term, according to a ruling from a two-member bench headed by Supreme Court judge Rohinton Fali Nariman. RCom previously deposited more than 1 billion rupees with the court.