According to the Pandora Papers that has put the spotlight on the hidden assets of some of the world’s most powerful people,the chairman of Reliance ADA Group and his representatives own at least 18 offshore companies in Jersey, British Virgin Islands (BVI) and Cyprus.
This is in contrast to what Anil Ambani told a London court in February 2020, following a dispute with three Chinese state-controlled banks. The business tycoon said that his net worth was zero.
The court observed that “there are questions about the extent to which Mr Ambani has any offshore interests, because if so they have not been declared”.
Three months later, he was ordered to pay $716 million to the banks. But he did not, and denied having any asset or worthwhile beneficial interest in any entity worldwide.
In Jersey, Anil Ambani owned three companies — Batiste Unlimited, Radium Unlimited and Hui Investment Unlimited — that were incorporated between December 2007 and January 2008.
Batiste Unlimited and Radium Unlimited are owned by Reliance Innoventures Pvt Ltd, the ultimate holding company of ADA Group, while Hui Investment Unlimited is owned by AAA Enterprises Ltd (Reliance Inceptum Pvt Ltd since 2014), which is a promoter company of Reliance Capital.
Records also show that two other companies incorporated in Jersey in January 2008 — Summerhill Ltd and Dulwich Ltd — are owned by a “representative of Anil Ambani”, identified as Anup Dalal.
Dalal also owned a BVI company — Reindeer Holdings Ltd — which was used for investment management.
Three other Jersey companies linked to Anil Ambani and incorporated in January 2008 are – Laurence Mutual; Richard Equity Ltd and German Equity Limited, all beneficially owned by a lawyer in Geneva.
Records also show that service providers which managed these companies put on record that seven of these received loans from banks which were “guaranteed by Reliance/Anil Ambani, in order to make investments…For those investments that have been realised, the monies were then in turn loaned out by the companies to other companies.”
