12 Feb 2020
Vijay Mallya, Nirav Modi, Anil Ambani may lose these assets
In a bid to recover debt from Indian tycoon owners of bankrupt companies, creditors are now looking at their personal possessions.
Anil Ambani, former Chairperson of the now-bankrupt Reliance Communications, will also be stripped of $100 million personal wealth.
Here are more details.
Mallya asked to sell superyacht to repay Qatar National Bank
Fugitive liquor baron Vijay Mallya has been directed to sell a superyacht and repay Qatar National Bank by a court in the United Kingdom.
The 49.9-meter Mangusta 165 superyacht is owned by Mallya's company Gizmo Invest SA.
A mansion owned by the company is also included in the creditor's swoop. The 1.3-hectare mansion—'Le Grand Jardin'—is located on the French island Ile Sainte Marguerite.
Modi to lose famous artworks, luxury watches
Meanwhile, seized assets of fugitive diamond merchant Nirav Modi are to be auctioned off by a Mumbai-based auction house in two sales: a live auction on February 27, and an online auction on March 3-4.
The auction—held on behalf of the Enforcement Directorate—includes famous artworks from the likes of Amrita Sher-Gil, MF Hussain; luxury handbags; a Gerrard Perregaux Men's "Opera One" wristwatch, etc.
Ambani to partially repay Chinese banks with personal wealth
Last week, a UK court ordered Anil Ambani to pay $100 million from his personal wealth to partially clear up his debt to three Chinese banks
Notably, Ambani, once the world's sixth-richest person, told the court that his net worth is zero.
The banks had provided a $925 million loan to the now-bankrupt Reliance Communications with the condition that Ambani personally guarantees the debt.