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. However, Ambani and his company deny the charges. In this episode of the Business Tit-Bits, our Business Editor Mr Akhilesh Bhargava shares his take on the matter. #AnilAmbani #ChineseBanks #RCom
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