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ANZ takes $145m hit from Oswal settlement

AAP logoAAP 22/09/2016

ANZ will take an hit of $145 million after settling a dispute with Indian business couple Pankaj and Radhika Oswal over the receivership and sale of their Australian fertiliser business.

ANZ said the terms of the settlement are confidential, but the net impact will be a $145 million pre-tax charge, which will be included in its accounts for the 2016 fiscal year. The bank had previously set aside some funds in regard to the dispute.

"We believe the settlement is the right decision for shareholders bearing in mind the residual risks in a case of this size and complexity," ANZ chief executive Shayne Elliott said.

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