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Indian Couple sues Bank for $1.5 Billion
By: Tupaki Desk | 30 May 2016 1:13 PM GMT
Making it one of biggest lawsuit in Australia, An India Couple sued ANZ Bank Today for allegedly undervaluing shares of their fertilizer company to demand millions in debts.
Pankaj Oswal and Radhika Oswal filed the lawsuit in Victoria's Supreme Court. The case is related to the forced sale of Burrup Fertilisers firm based in Western Australia following its seize 2010.
The Indian Couple allege Australia and New Zealand Banking Group (ANZ) has undervalued their fertilizers firm share by $1.5 billion. They allege their share worth $2.5 billion were sold out for a cheaper price to compensate the loan of $900 million.
Oswals obtained a loan of $800 million from ANZ Bank. The Chemical Business was sold out for just $800 million, much below its actual value to repay the debt.
Pankaj Oswal and Radhika Oswal filed the lawsuit in Victoria's Supreme Court. The case is related to the forced sale of Burrup Fertilisers firm based in Western Australia following its seize 2010.
The Indian Couple allege Australia and New Zealand Banking Group (ANZ) has undervalued their fertilizers firm share by $1.5 billion. They allege their share worth $2.5 billion were sold out for a cheaper price to compensate the loan of $900 million.
Oswals obtained a loan of $800 million from ANZ Bank. The Chemical Business was sold out for just $800 million, much below its actual value to repay the debt.
