Indian tycoon in corporate frauds in Oz
The `Further Amended Statement of Claim" was filed in the WA Federal Court in July by receivers PPB Advisory on behalf of Burrup Fertilisers and was heard in court last week. The receivers seek the repayment of an additional USD 115 million on top of USD 95 million demanded to be re-paid in March.
The extra funds allegedly taken out of Perth-based Burrup Fertilisers, which operates one of the world`s biggest ammonia producers in the Pilbara, takes the claim against Oswal to USD 210 million, The Australian newspaper reported. PPB Advisory alleged, Oswal transferred huge amounts from his part-owned Burrup Fertilisers to his private companies, many registered in Singapore, either through the use of inflated invoices or direct transfers.
Oswal strongly denied the allegations and said this is another hit and miss claim by the receiver which has no merit, in a statement last night. "It is a smokescreen to take the spotlight off PPB`s disastrous handling of the Gas Sales Agreement which has destroyed shareholder value and opened up PPB and its lawyers to massive damages claims," he said.
The Australian Securities & Investments Commission, which was alerted to the case 8 months ago, appeared reluctant to mount an investigation because of the likely difficulties in bringing Oswal back to Australia from Dubai. Oswal previously claimed that he was entitled to funnel money into his private companies as payment for guaranteeing cost overruns during construction of Burrup`s ammonia plant.The Federal Court documents list more than 50 transactions made during 2009 and 2010.
An amended statement of claim filed by PPB also alleges that a number of other companies issued "inflated invoices" for goods or services that were to be provided to Burrup Fertilisers. The alleged overpayments totalled USD 61 million, the report added.