10/01/2011 - 13:48

Oswals to skip Burrup meeting

10/01/2011 - 13:48

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Burrup Fertilisers' creditors meeting tomorrow will be without its star attraction, after Pankaj and Radhika Oswal said they would not return, and added that Perth may not be part of their future plans.

Oswals to skip Burrup meeting

Burrup Fertilisers' creditors meeting tomorrow will be without its star attraction, after Pankaj and Radhika Oswal said they would not return, and added that Perth may not be part of their future plans.

The Oswals will instead be represented by lawyers at the meeting requested by receivers PPB Advisory, and will consider its results before deciding on future plans.

According to a statement released by an Oswal Group spokesperson today, the Oswals are also considering not returning to Western Australia.

"Suggestions that Pankaj and Radhika have 'fled' Perth are both hurtful and false," the spokesperson said.

"They have two young daughters who are at school - one in India and the youngest in Perth.

"Both are concerned and upset over the level of media scrutiny and the events of the past few weeks, particularly their youngest daughter.

"This has resulted in the Oswals reconsidering their family's future in Australia, which has been their home for the past 10 years.

"Pankaj and Radhika are saddened at the possibility of uprooting their family from Perth which they thought would be their home for a lifetime."

The statement said that the Oswals were: "pleased and encouraged by the huge interest in the Burrup operation, which once sold, will provide them with substantial funds to plan and grow other opportunities for Oswal Group Global."

ANZ Bank placed Burrup Fertilisers in the hands of receivers PPB Advisory mid-December, after it was unable to broker a settlement between the Oswals, who jointly own 65 per cent, and Norwegian firm Yara International, which owns the balance.

"Given Burrup's extremely profitable position and unconventional receivership, many controversial issues involving ANZ and Yara's agendas, remain largely not scrutinized by the media," the statement said.

"Currently the Oswals choose to remain silent on this; however, a further statement will be issued later in the week when their position becomes clearer."

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