ANZ puts Oswal's Burrup Fertilisers in Australia under receivership
20 Dec 2010
Australia's largest ammonia producer Burrup Fertilisers, majority owned by Pankaj Oswal of the Oswal Group Global, has been put under receivership by its creditor Australia and New Zealand Banking Group (ANZ).
ANZ on Friday appointed PPB Advisory as receivers and managers to recover its debts from Burrup Holdings and Western Australia-based Burrup Fertilisers, which operates an A$700 million fertiliser plant in the resource-rich region of Pilbara.
Oswal, along with his wife Radhika own 65 per cent of privately-held Burrup Fertiliser through its parent Burrup Holdings, while the remaining 35 per cent is held by Norwegian fertiliser giant Yara International.
Yara said in a statement yesterday that ANZ has appointed receivers and managers only for Oswal's 65 per cent stake in Barrup Fertilisers and not for its 35 per cent interest.
The Australian media have said that the Burrup Group owes ANZ around A$800 million, of which A$360 million is against the Burrup Fertiliser plant and the remaining A$440 by the Oswal Group.
It is alleged that Oswal misappropriated large sums of company funds for his personal interest without proper authority or disclosure and a complaint will be lodged with the Australian Securities & Investments Commission.
