ANZ 0.14% $24.56 australia and new zealand banking group limited

anzs relationship with opes will be examined

  1. cya
    3,836 Posts.
    Prediction :- IMO Due to the two decade relationship between Opes management (ex ANZ) and current ANZ management lines between the two companies got crossed and senior ANZ management like Mike Smith got blind sided from his junior management teams personal relationships with the Opes team. This is why several ANZ employees got suspended at the outset.

    I would bet that ANZ dont even know the extent of their exposure to these incestuous dealings and would be scrambling to find out what has happened for themselves.

    The upside is that nothing in the end will be unknown expect a full judicial inquiry and I would be surprised not to see wholesale changes in the ANZ Senior management team by 3rd Q

    The interesting thing is that many of these court cases will be heard very quickly because they involve the control and ownership of companies , this allows them to jump up the Surpreme Court list, so we wont have to wait long for fireworks to start, ANZ is kidding itself if it expects to take over companies without any notification to the market based on some minor margin out standings IMO ANZ stock will be below $15 before year end


    http://www.theaustralian.news.com.au/story/0,25197,23494701-643,00.html

    Lawyers pursue ANZ's Opes files

    Katherine Jimenez | April 07, 2008
    PRESSURE on collapsed broking house Opes Prime's major lender, ANZ, increased yesterday as lawyers representing aggrieved investors said they would be asking administrator Ferrier Hodgson to make public the bank's Opes records.

    Slater & Gordon director Ken Fowlie, who will be attending a creditors' meeting in Melbourne tomorrow, said that any chance of investors being compensated for their lost shares depended on "finding out the state of the bank's knowledge and involvement in the activities of Opes Prime".

    Opes collapsed last month after ANZ, which lent the Melbourne-based stock lending and broking firm about $650 million, discovered what it called "irregularities" in a number of the firm's accounts. Merrill Lynch is the other main lender. ANZ and Merrill have been selling big lines in some 600 small stocks that Opes had held as security against margin loans, in a situation where the deposits greatly exceeded the loans.

    John Lindholm, a partner in Ferrier Hodgson, said that in his view Opes "will definitely go into liquidation".

    Accountant Deloitte was appointed receiver by ANZ, and Ferrier was called in as administrator by Opes.

    Mr Lindholm said that once a liquidator was appointed a committee of inspection would be formed that would have specific powers under the Corporations Act.

    "As liquidator, we will be looking at every transaction and every issue in relation to the group's collapse. And given that the financiers are a major part of what's happened, it will be looked at very closely," he said.

    Mr Lindholm also described the accounting irregularities as "activities that have resulted in this group collapsing".

    An ANZ spokesman said yesterday that the bank "will comply with whatever regulatory requirements there are".

    One angry Opes victim, who declined to be named, said he put $220,000 into the firm on March 18, just nine days before Opes went into administration.

    "Members of the ANZ Bank, Opes Prime were aware of (the) insolvency problems," he said, pointing to the $100 million line of finance ANZ provided to Opes in the middle of March.

    "The ANZ Bank has taken title to my shares, sold my shares to claim their own money back when they already knew the company was illiquid."

    Chris Campbell -- one of the receivers from Deloitte -- told Sky Business that unsecured Opes creditors could lose up to half of their investment.

    "At this stage it is too early to call," he said.

    Mr Campbell said a number of parties had indicated they would be seeking injunctions to stop ANZ selling their shares.

 
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