"in essence, Deloitte's allege he siphoned off more than $40million to fund his lifestyle, including paying a deposit on a helicopter and buying luxury cars."
Add to the above the apparent irregularity of hiding the losses (non-margin-call) of the Big 6 in that Virgin Islands company, and you are beginning to see that a hell of a lot of money was lost for which ANZ cannot be blamed.
This is why I think that the clients ambit claim of Full Restitution plus costs will prove counter-productive and it will only force the ANZ to dig its heels in for a decade long battle of claims and counter-claims through the courts.
Just because the ANZ is the party with the deepest pockets in this saga, is no reason for it to be expected to wear the losses for which they were not responsible.
Best for Opes clients is to pursue the commercial settlement offered and rely on the ANZ to demonstrate it's obligations as a corporate citizen. Because nobody else in this fiasco can be relied upon to act responsibly.
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ANZ Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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