Monday, September 26, 2016

Not Many People Beat The Bank

Sub-title:-    Stupid, Stupid ANZ

Sub sub-title:-  Curry Munchers screw Fosters Guzzlers

Here's an extraordinary story of a successful child bride.

She made the most of her arranged marriage to what appears to be a reasonably thick chap and after a six year battle with ANZ Banking Group, walked away with a cheque for $200 million.

(Paywall)

"They beat the bank and now they’re gone — perhaps never to return.
Indian business couple Pankaj and Radhika Oswal left Australia last Thursday, immediately after settling a multi-billion-dollar legal stoush with the ANZ bank for $200 million, and are thinking of starting a new life in New York.

Ms Oswal said yesterday the couple would sell the land on which sits their unfinished Perth mansion, known as “Taj On Swan”.  The ruin in up-market Pepper­mint Grove will be demolished next Monday by order of the local council.

Among options for “brighter futures”, Ms Oswal was “thinking about starting a not-for-profit ­organisation devoted to women’s empowerment, particularly for those living in countries like India where there are historic and ­cultural limitations on women achieving their potential”.
Ms Oswal said the couple had “great memories of our lives in Australia before the problems arose with ANZ and the ­receivers PPB Advisory, but the last six years have been very painful and emotionally draining, so it is time to start a new chapter in our lives”.

The Victorian Supreme Court battle between the Oswals and ANZ, which played out over 11 weeks of hearings, revolved around the bank’s sale of the ­couple’s Burrup Fertiliser business in 2010.
The Oswals alleged that ANZ and PPB, which the bank ­appointed as receivers over Burrup, sold their stake in the business for less than it was worth after seizing it in a row over about $1 billion in debts they owed ANZ.  In turn, ANZ accused the ­couple of misappropriating about $150m, spent on luxury cars, a boat, property including the Taj on Swan and Ms Oswal’s veget­arian restaurant chain Otarian.

After a month of ­mediation ­before associate judge John ­Efthim, the two sides agreed to a confidential deal in which ANZ agreed to pay the Oswals more than $200m.

The talks came after dramatic evidence from Ms Oswal in which she accused her husband of forging documents and claimed that at a December 2009 meeting ANZ general counsel Bob Santamaria said that if she did not give the bank security over the shares in Burrup she owned, the couple would go to jail and their two daughters would be “orphans”.  The Oswals also accused then chief risk officer Chis Page of putting Mr Oswal in a headlock at the meeting and sending a racist email to bank boss Mike Smith. 

ANZ denies the allegations.

Of course the ANZ denied the allegations.  Then they paid up.

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