One of the biggest lawsuit in Australia’s history, 1.5 billion dollar lawsuit, is launched today by a high-profile Indian-origin couple against ANZ Bank. The couple is suing the bank for allegedly undervaluing shares of their fertiliser company to recoup millions in debts.
The case launched by Pankaj and Radhika Oswal in the Supreme court of Victoria revolves around the forced sale of the Oswals’ Western Australian-based company Burrup Fertilisers after it was seized by receivers in 2010.
The Oswal couple has alleged that Australia and New Zealand Banking Group (ANZ) and the receiver PPB undervalued their share of the chemical business by 1.5 billion dollars. The ANZ brought in receivers to the Burrup group of companies in 2010 and the Oswals argue their 65 per cent stake in Burrup Holdings was undersold in 2012.
The Oswals had borrowed over 800 million dollars from ANZ. They claimed that the receivers sold the plant for 800 million dollars below its value but just enough to repay ANZ’s debt. Oswal is also suing ANZ for alleged bullying.
The Oswals left Australia in December 2010, when receivers were appointed to Burrup, and only recently returned to be in Melbourne for the court case.