UK COURT TELLS ANIL AMBANI TO PAY UP $717 MN

LONDON: A UK court on Friday directed Reliance Group chairman Anil Ambani to pay nearly $717 million to three Chinese banks pursuing the recovery of funds owed to them as part of a loan agreement within 21 days. At a remotely held hearing, in line with procedures in place for the pandemic, Justice Nigel Teare ruled at the Commercial Division of the High Court of England and Wales in London that a personal guarantee disputed by Ambani is binding on him.“The Guarantee is binding on Defendant (Ambani),” Justice Teare’s order notes.