HONG KONG (Bloomberg): Indian tycoon owners of bankrupt companies are being told their assets aren’t off limits. The rush to collect on the assets includes a swoop on Vijay Mallya’s French island mansion and yacht by Qatar National Bank. Some tycoons have held assets through arcane webs of holding companies, which has complicated creditors’ efforts to recover funds. The three Chinese banks who provided a US$925 million loan to now-bankrupt Reliance Communications are a case in point. The Chinese banks argue that they granted the loan in 2012 on the condition that Anil Ambani personally guarantee the debt.

Source: The Star February 12, 2020 03:33 UTC