BackAustralia’s ANZ settles with India’s Oswals, takes $111 million hit
Pankaj and Radhika Oswal wanted $2.5 billion from ANZ following a dispute over its role in selling their stake in Burrup Fertilisers in 2010
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Sydney: Australia and New Zealand Banking Group Ltd said it will take a A$145 million ($111 million) charge after reaching a settlement with an Indian couple who sued over the bank’s role in an asset sale.
The couple, Pankaj and Radhika Oswal, wanted A$2.5 billion from the bank following a dispute over its role in selling their stake in Burrup Fertilisers in 2010, ANZ said in a statement on Thursday.
The bank and the Oswals have now reached a settlement, the bank added, noting that the terms of the settlement remain confidential.
ANZ, Australia’s third-biggest lender, said it will take a pre-tax provisional charge of about A$145 million at its upcoming 2016 full-year results.
“ANZ does not accept many of the claims made in court and we completely reject the allegations made against our staff," ANZ chief executive Shayne Elliott said in the statement.
“However, we believe the settlement is the right decision for shareholders bearing in mind the residual risks in a case of this size and complexity," Elliott added. Reuters
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