Meet man, who had 2 Islands, 71-room palace, $4 Billion net worth, but lost everything due to…, he is…
Chinnakannan Sivasankaran was once the owner of two private islands along with a 71-room mansion in Chennai. Despite losing his $4 billion net worth, Siva now calls himself 'broke, not poor'. After losing so much he remains hopeful about the future.
Siva' was was born into a simple household. In the 1980s, he started his business named Sterling Computers Limited (STC). It became a leading name in India's IT sector by the 1990s. However, he received recognition in the corporate world after forming Aircel in 1999. It became a big player in the mobile services industry.
The company grew quickly and gained millions of subscribers. In 2006, Siva sold a 74% stake in Aircel to Malaysia-based Maxis Communications. However this move would later engage him in corruption scandals. 2G Spectrum Scandal
The Maxis-Aircel deal was linked to the infamous 2G spectrum scandal. Siva was also drawn into legal battles. In 2018, Aircel filed for bankruptcy, and Siva claimed personal losses of Rs 7,000 crore.
His $4 billion empire collapsed and also impacted many of his businesses. While talking about his downfall, Siva said, 'I had everything – wealth, properties, recognition – and then I watched it all vanish.'
Speaking on The Ranveer Show , he shared how a book by Donald Trump inspired him to face his financial challenges. On the same day he decided to declare bankruptcy.
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