Pankaj Oswal has launched further legal action against PPB Advisory, calling into question the insolvency firm’s release of confidential documents pertaining to Burrup Fertilisers, which could affect bidding for the sale of the plant.
Mr Oswal lodged documents at the Federal Court in Perth today, requesting an enquiry into the actions of PPB’s Ian Carson, David McEvoy and Simon Theobald over the past six months.
Mr Oswal called on the court to determine if Messrs Carson, McEvoy and Theobald had failed to “faithfully or properly” perform their duties, functions and powers as receivers and managers, or whether they had breached the corporations act through the use of confidential documents of Burrup Fertilisers to sell Mr Oswal’s shares.
He also called for an investigation into whether the disclosure of those documents to third parties was a breach of contractual obligations of confidentiality; and whether the disclosure of those documents to third parties was in breach of the receivers’ duties under the Corporations act.
“I have a number of concerns that PPB did not appreciate or understand the difference between Burrup Fertilisers documents and my documents,” Mr Oswal said in a statement.
“It has two separate obligations and responsibilities and two separate roles as the receiver of Burrup Fertilisers and the receiver of my shares.
“They cannot use documents belonging to Burrup Fertilisers for any purpose other than to sell the company, not my shares in Burrup Hoildings.
“They are not, however, selling 100 per cent of Burrup Fertilisers, despite my numerous calls for them to do so.
Mr Oswal said that during the sales process for the Burrup Fertilisers plant, potential bidders had been granted access to confidential documents by PPB Advisory.
He said this provided bidders access to legal advice the company has received in relation to Supreme Court action underway to secure gas supplies for the plant.
“Apache Energy is one of the parties to the gas supply agreement and gained access to the data room as a potential bidder for my shares,” Mr Oswal said.
“It appears that Apache has got access to those confidential documents and consequently has an unfair and unlawful advantage in the action currently underway in the Supreme Court.
“I note Apache’s partners, Tap Oil and Kufpec, have commenced separate proceedings in the Supreme Court seeking details that was made available to bidders.”
Mr Oswal said he was also considering further complaints regarding the conduct of the receiver.
