ANZ paid an undisclosed amount said to be hundreds of millions of dollars to Mr. and Mrs. Oswal for taking over Burrup Fertiliser Business without giving due consideration clearing their names from all allegations received.
[9] [8] The couple had been accused of embezzling upwards of $150 million from Burrup Holdings to fund a lifestyle of private jets, yachts, luxury cars, and building a 'Taj Mahal' on the Swan River in Perth.
[7] The Oswals had accused ANZ staff of acting in a bigoted manner towards them, emphasising their background as Indian nationals.
[9] ANZ chief legal counsel was also accused of telling Mrs. Oswal they would report the alleged embezzlement and she and her husband would go to jail and their children would be orphans if they did not sign the guarantee.
[9] They also claimed ANZ breached its fiduciary duty when selling Burrup Fertilisers.