Chinese banks sue Anil Ambani over default

Three Chinese banks are suing Reliance Group chairman Anil Ambani in a London court for failing to pay back $680 million in defaulted loans. The Mumbai branch of ICBC, China Development Bank and the Export-Import Bank of China agreed to loan $925 million to Anil Ambani’s firm RCom in 2012 on the condition that he provide a personal guarantee, ICBC’s lawyer Bankim Thanki told the court.

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