Indian couple launches lawsuit against Australian bank
MELBOURNE, MAY 30: An Indian businessman and his wife on Monday launched the largest legal action in the state of Victoria, seeking more than $1 billion in compensation from an Australian bank.
Pankaj and Radhika Oswal accused the Australia and New Zealand Banking Group (ANZ) of underselling shares in their West Australian fertiliser company after it was seized by receivers, Xinhua news agency reported.
Opening the case in Victoria’s Supreme Court on Monday, senior counsel for the Oswals, Tony Bannon, said his clients’ 65 percent stake in Burrup Fertilisers was sold for $400 million in 2010. Bannon said he will demonstrate to the court that the true value of the couple’s shares was in fact $990 million.
“Our evidence will demonstrate the current value is in the order of 2.36 billion Australian dollars ($1.68 billion),” he said.
Oswal claims he was bullied by ANZ executives during the sale six years ago, alleging that one executive put him in a headlock and threatened to “destroy” him before Burrup went into receivership.