Ericsson Teaches Anil Ambani – and India – a Lesson
In recovering $80 million from tycoon Anil Ambani, the Swedish company’s lawyers played the nascent bankruptcy system expertly.
No get-out-of-jail-free card here.
Photographer: PUNIT PARANJPE/AFP/Getty Images
Anil Ambani’s not going to jail after all, and Ericsson AB got its money. The Swedish company’s lawyers should take a bow.
While the future of the Indian tycoon’s shrinking empire remains shrouded in uncertainty, at least questions over his near-term living arrangements got answered on Monday. Ambani thanked his “respected” elder brother, Mukesh, and sister-in-law, Nita, after avoiding a three-month prison term. India’s richest man showed up just in time to help his younger sibling who has, in a little over a decade, lost 99 percent of his $31 billion net worth.