2008-05-30smh.com.au

DAYS before it froze the assets of 1200 Opes Prime clients and began to sell them, ANZ Bank was warned by a director of the imploding company not to lend Opes any more money, claiming a fraud had been committed.

...

Despite Mr Blumberg's warnings at a meeting with ANZ in Melbourne on March 19, the bank pressed ahead with its $95 million capital injection into Opes. In return for this supposed bail-out money, ANZ was able to take a secured charge over $650 million of Opes's assets the next day. Using that security, ANZ appointed its own receivers from Deloitte only one week later, on March 27, to preside over the sale of $900 million in shares.



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