They are out of the country, still fuming at the loss of their business, and still very rich.
So Pankaj and Radhika Oswal are turning up the heat in their slew of legal actions. Upwards of 100 subpoenas have been issued in the past couple of months at the Oswals’ request.
ANZ directors were served personally with subpoenas issued by the Supreme Court of Victoria to produce records just before Christmas*. Sources say they were not happy about it.
“(Directors) Alison Watkins, David Meiklejohn, Gregory Clark, Yang Lee, John Morschel, Peter Hay, Ian McFarlane, Richard Santamaria and Mike Smith were served in late December,” said the source. “Morschel, Clark, McFarlane and Lee were personally served.”
ANZ is yet to respond to questions over the subpoenas, or its role in the receivership of Burrup.
For their part the Oswals are fuming about getting the bill for the $56 million receivership the business they founded but not a cent in change. Despite the receivership ending and the banks being paid out in full, $20 million (of Burrup money) has been held back and used to fund lawsuits against the Oswals.
Boutique merchant bank Flagstaff Partners is in the firing line too. Flagstaff, whose chairman is former ANZ chair Charles Goode, picked up a $6.8 million fee for selling Burrup.
Oswal has delivered Herbert Smith Freehills, the lawyers to the receivership, a double-whammy in recent weeks by delivering a bill of half a million dollars for costs of a failed contempt case brought against him and bringing proceedings against the firm (and Minter Ellison too) to have the excessive legal costs of the receivers vetted by a court-appointed assessor.
* When subpoenas were served:
- John Morschel was served at ANZ Melbourne on December 24, 2012
- Alison Watkins – service was attempted on Alison Watkins at home three times. Service has recently been accepted by Herbert Smith Freehills on behalf of Ms Watkins.
- Gregory Clark served at ANZ Melbourne on December 24, 2012.
- David Meiklejohn – service was attempted at his home before Christmas but he was on holidays. Service has recently been accepted by HSF on his behalf.
- Hsien Lee – served at ANZ Melbourne on December 24, 2012.
- Peter Hay – Service attempted at home before Christmas but he was on holidays. HSF recently accepted service on his behalf.
- Ian Macfarlane was served at the home in Sydney on December 23, 2012.
- Richard Santamaria was served by agreement with HSF on December 19, 2012.
- Mike Smith was served by agreement with HSF on December 19, 2012.