Who wants a cheap yacht??
Burrup Fertilisers' receivers have more than doubled their claim against Pankaj Oswal after further investigations of the company's accounts and are now alleging that the fertiliser tycoon pilfered $212.9 million from the business.
PPB Advisory's fresh claims of an additional $117.1 million in "wrongful payments" using Burrup Fertilisers funds include more alleged instances of Mr Oswal siphoning money into family companies, partly through the issue of vastly inflated invoices.
The original compensation claim in March was for $95.7 million.
Mr Oswal's lawyer, Melbourne barrister Peter Collinson, indicated he might apply to strike out some of the new allegations.
He told the Federal Court in Perth that it appeared PPB's legal team had "simply gone through BFPL (Burrup Fertilisers) accounts and any payments to entities they can't understand they have put down as wrongful payments by Mr Oswal".
PPB is alleging Mr Oswal breached his statutory and fiduciary duties as a Burrup Fertilisers director.
The new claims include $60 million in alleged kickbacks in the form of overpayments, including a $35.8 million invoice for $5.7 million of engineering work.
Mr Oswal has denied the allegations and launched a cross claim suing PPB for $491 million he alleges he is owed in cost overruns.
PPB's legal team will also apply for the forced judicial sale of a $3 million luxury yacht moored in Peppermint Grove that Mr Oswal bought with Burrup Fertilisers' funds.
What's happening to the Taj Mahal in Perth????
Ryan C
Posts: 1575
Date Joined: 08/07/10
TAJ MAHAL
the company i manage did all of the crane work up till work stopped on this monstrosity (200k+) and fortunately we were working for a good regular luxury home client and we got paid!!! as far as i know there is no plan at this time to start construction again??. cheers