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ANZ executive ‘put Pankaj Oswal in a headlock’

An ANZ executive put Indian tycoon Pankaj Oswal in a headlock and threatened to ‘destroy’ him, a court will be told.

Indian couple Pankaj and Radhika Oswal in Sydney. Picture: James Croucher
Indian couple Pankaj and Radhika Oswal in Sydney. Picture: James Croucher

A senior ANZ Bank executive will be accused in the Victorian Supreme Court of putting flamboyant Indian tycoon Pankaj Oswal in a headlock and telling him “we will destroy you” while demanding the Burrup Fertilisers chief sign guarantees for $US900 million in debts.

The allegation is contained in Mr Oswal’s statement of claim in the sensational $1bn case he and his wife Radhika have brought against ANZ and others, which will begin on Monday and continue for a scheduled 61 days.

The Oswals recently returned to Australia to attend the trial and are expected to appear in the witness box.

They left Perth in December 2010, leaving behind a half-built mansion in Peppermint Grove and a maze of debts and legal disputes.

The case — which has already chewed up tens of millions of dollars in legal fees — will be a lawyers’ picnic over the next three months.

The Oswals are being represented by Australia’s richest barrister, Allan Myers QC, and a bevy of assistants. Defending ANZ and the receiver PPB Advisory will be Alan Archibald QC, along with Matthew Connock QC and Philip Solomon QC.

The statement of claim alleges that ANZ’s chief risk officer, Chris Page, “had one of his arms around Pankaj’s neck in an unfriendly manner” during a tense meeting in Melbourne in December 2009.

He also allegedly said to Mr Oswal: “Bloody well sign the documents or we will destroy you” and “We will sell the plant”.

Mr Page was allegedly trying to pressure Mr Oswal into signing a guarantee and share mortgage demanded by ANZ over the debts of Burrup Fertilisers and other companies in Mr Oswal’s empire.

In its defence filed with the court, ANZ denies the allegation about Mr Page’s actions.

Mr Page has since retired from ANZ but it is understood he will give evidence during the trial.

Last month, the Tax Office issued a departure prohibition order against the Oswals over a $190m tax bill.

The couple are suing over the forced sale of Burrup Fertilisers, accusing ANZ and PPB of undervaluing the plant — in Western Australia’s Pilbara — after seizing it in December 2010 to cover the $900m loan.

The plant was sold to Norwegian fertiliser producer Yara, which has also been joined to the action.

Mr Oswal is facing allegations that he siphoned more than $100m from the fertiliser company for personal use, which he denies.

Mr Oswal said last month he would consider a return to the Australian resources sector if his potential $1bn battle is successful.

“Our decade-long life together in Australia is something we look back on with fond family memories, although the ending imposed upon us left us with a bitter taste in our mouth,” he said.

“Having a longer-term residency here would definitely depend on the kind of justice and settlement we get and the comfort level felt in the reversal of all the wrongdoings that were thrust upon us, and the impact that we have felt. Depending on the settlement, we would consider investing a part into the resources industry here, which I have always believed in.”

In recent weeks, Mr Oswal has also become embroiled in a bitter dispute with his mother over the family’s business empire in India after the death of his father.

Read related topics:Anz Bank

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Original URL: https://www.theaustralian.com.au/business/legal-affairs/anz-executive-put-pankaj-oswal-in-a-headlock/news-story/ad9ae183cb91b18a27a868cf3cb48120