Admiralty Resources has launched legal action on behalf of a...

Admiralty Resources has launched legal action on behalf of a Malaysia-based group, Panopus. Admiralty director, Phillip Thomas, who is also a director of Panopus, alleges that the ANZ Bank or ANZ Nominees stopped 23.35 million Admiralty shares being returned to Panopus in the lead-up to the collapse of stockbroker, Opes Prime. Panopus provided the Admiralty shares in question to Opes as collateral in June 2007. A claim lodged in the Supreme Court of Victoria on 23 April 2008 states that Thomas wrote to Opes on behalf of Panopus on around 20 March, requesting the release of the Admiralty shares. The claim alleges that at some time shortly after 10:33am on 25 March, Opes directed ANZ Bank or ANZ Nominees to transfer the shares back to Panopus, but that ANZ Bank or ANZ Nominees stopped the transfer