anz let the fun begin

ANZ knew of Opes woes in Feb: report
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Australian and New Zealand Banking Group knew of Opes Prime Stockbroking’s woes in February according to an email sent by Opes chief Laurie Emini to key client Chris Murphy, the Sydney Morning Herald reports.

According to the paper, the email sent on February 25 by Mr Emini to the Sydney-based lawyer read: "ANZ have been delayed to next Wednesday, so I will need to get them a rundown of how to fix it and because we are involved in Sara (Sara Brown, a Murphy trading account), it may be the first account to be dealt with."

The email also raises questions over the timeliness and validity of ANZ’s charge over Opes Prime assets, the paper reports.

A charge can be deemed invalid it is it taken less than six months before a company collapses.

Meanwhile, Mr Murphy may have a legal grounds to request the return of his family superannuation, which has been acquired by ANZ after the broker’s collapse.

Document obtained by the paper show Mr Murphy forbid the use of his family super to leverage his failing accounts on two separate occasions.

Unless specific warrant products were employed, superannuation cannot be used a leverage against borrowings. There are also regulations limiting third party transfers of super assets.