ANZ 1.14% $29.36 anz group holdings limited

anz did nothing wrong re opes

  1. 47,211 Posts.
    They owned the shares, which were signed over to ANZ as security for loans given to OPES by ANZ to applicants.
    OPES defaulted, ANZ moved in and started selling what they owned to cancel the debts. Their right to do so has been confirmed today in the courts and the other injunctions I suspect will be dealt with the same way next week.
    The people here claiming that ANZ have sold shares that they themselves own are not being straight.
    How could ANZ sell even 1 of their shares if they didn't own them? They wouldn't be able to because they wouldn't know the number and type of all the shares you owned. If you own the shares in your own name you have a holder identification number on CHESS that keeps track of your shareholdings.
    No-one else can sell them without you either giving them the rights to the shares or by defrauding you somehow.
    The blame is squarely on the directors of OPES for allowing the company to become insolvent. Obviously the ongoing sharemarket rout made them unable to keep their heads above water and now everyone involved is going down.
    The people who invested either knowingly or as some now claim unknowingly assigned their shares to ANZ Nominees in return for accessing their leveraged market positions offered by OPES (note not ANZ), or they gave cash to OPES (note not ANZ) to do the same thing. They didn't get given the loans without putting up something.
    The disclosure and warnings made it crystal clear that in the event of insolvency, you were to be treated as an unsecured creditor, simple really because you didn't own anything tangible. Even your cash was held in a 0% interest account, and if they went insolvent you only could claim it as an unsecured creditor.

    And now that things have gone bad all I have seen is blame placed on ANZ. Misguided blame imo.
 
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