Three Chinese banks sue Anil Ambani for failing to repay $680-mn loan

The Mumbai branch of Industrial & Commercial Bank of China, China Development Bank and the Export-Import Bank of China agreed to loan $925.2 million to Anil Ambani's Reliance Communications in 2012

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 Mumbai branch of Industrial & Commercial Bank of China, China Development Bank and the Export-Import Bank of China agreed to loan $925.2 million to Anil Ambani’s Reliance Communications (RCom) 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 while he agreed