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Oswal v ANZ legal saga may be ending

AAP logoAAP 18/08/2016

THE END MAY BE NEAR IN THE LONG-RUNNING OSWAL V ANZ CIVIL TRIAL

WHO ARE THE OSWALS?

* Indian couple Pankaj and Radhika Oswal, lived in Perth, now in Dubai

* Established Burrup companies to build and operate ammonia plant in WA

WHAT IS THEIR LEGAL CASE OVER?

* Oswals owned 65 pct of parent company Burrup Holdings

* ANZ made demands on personal guarantees given by Oswals

* ANZ appointed receivers in December 2010

* Oswals' shares sold for $US560m in January 2012; they say undervalued by $US800m

WHAT'S INVOLVED IN THE LEGAL ACTION?

* Oswals wanted $1.5-2.5b in damages from ANZ and receivers PPB Advisory

* Radhika claimed bank pressured her into signing personal guarantee over $US568m in husband's debts to prevent him going to jail for fraud over falsified security documents

* Pankaj also allegedly misappropriated more than $150m in company money

* Included spending on unfinished "Taj Mahal on the Swan" mansion and another Perth home, luxury cars, Radhika's vegetarian restaurant chain

* Biggest commercial trial in Victoria

* Have been numerous legal proceedings, including between ATO and Radhika

WHERE DOES IT STAND NOW?

* Judge-only civil trial was to run into early 2017

* Settlement close between ANZ/receivers and Oswals

* Oswals and US company Apache reached confidential settlement

* Apache supplied gas to Burrup plant, bought 49 pct of Burrup Holdings

* Settlement talks continue between Oswals and Norwegian chemical firm Yara

* Yara lifted Burrup Holdings stake to 51 pct in 2012

* Yara now owns 100 pct and operates Burrup plant.

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