An Indian-origin couple on Monday launched a $1.5 billion lawsuit, one of the biggest in Australia’s legal history, against Australia and New Zealand (ANZ) Bank for allegedly undervaluing shares by $1.5 billion of their fertiliser company to recover millions in debts.
The case launched by Pankaj and Radhika Oswal in the Supreme court of Victoria revolves around the forced sale of the Oswals’ Company Burrup Fertilisers after it was seized by receivers in 2010.
Their loan from ANZ was for over $800 million, and their stake was underpriced by the bank and sold to receivers for cheap.
The couple is also involved in a case of suspected misappropriation of funds from their former company.
(With inputs from PTI.)
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