For the Oswals, a 6-year, multi-billion-dollar legal drama ends

27/09/2016 0 Comments read Business and Trade

By Neena Bhandari

Sydney, 27.09.2016 (Business Standard): Indian industrialist couple, Pankaj and Radhika Oswal, have left Australia perhaps never to return, after settling a multi-billion-dollar legal stoush with one of Australia’s leading banks, the Australia and New Zealand [ANZ] Banking Group.

The commercial settlement, the terms of which are confidential, reached on September 22 resolves the A$2.5 billion claim made by the Oswals against ANZ over a dispute about the receivership and sale of Burrup Fertilisers Pty Ltd, a subsidiary of Burrup Holdings Limited, in 2010.

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Apache to buy Oswals’ stake in Burrup Fertilisers

20/12/2011 0 Comments read Business and Trade

By Neena Bhandari

Sydney, 20.12.2011 (Business Standard): US oil and gas company Apache Corporation on Monday announced that it will acquire 65 per cent stake in Burrup Holdings Limited, parent company of Burrup Fertilisers Pvt Ltd (BFPL), one of the world’s largest liquid ammonia plant in Western Australia built by industrialist Pankaj Oswal.

Oswal owned 30 per cent of the shares in Burrup Holdings Limited and Radhika Oswal owned 35 per cent shares. The stake was put up for sale by receivers for the Australia and New Zealand (ANZ) Bank, which is trying to recover A$900m in loans.

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Oswals crash land on alleged fraud in Oz

15/11/2011 0 Comments read Business and Trade

By Neena Bhandari

Sydney, 15.11.2011 (Business Standard): When industrialist Pankaj Oswal set out to build one of the largest fertiliser plants in the resource rich state of Western Australia, his stellar rise attracted admiration and envy, but today he stands accused of one of biggest corporate frauds in Australia after his Burrup Fertilisers Pty Ltd, a subsidiary of Burrup Holdings, went into receivership last December.

The ANZ Bank, which is trying to recover A$900m in loans, appointed PPB Advisory as the Receivers following ongoing court disputes between Pankaj, who was Burrup’s chairman and managing director, and Norway’s Yara International, a 35 per cent shareholder and customer of the ammonia plant; default events related to debt facilities which were established between 2002 and 2007; and evidence of financial irregularities.

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