anz rougue actions, page-37

What is really going to hurt the ANZ is their bully/unfair tactics the week or few weeks before the collapse of Opes Prime or even as early as Feb. They held no regards to any of the clients and made decisions that were morally unfair taking full advantage with the duress position of Opes Prime.

The original AMSLA was that the price of the portfolio was determined by the date a receiver was appointed to Opes Prime which would have been the market pricing on the 26th or 27th March. They changed the agreement before a week before the collapse and took that part out and replaced it with market value at sale, very nice move. That left no possible position for the unsecured creditors and totally crushed them with the fire sale that happened.

ANZ know they have done wrong by the innocent parties involved in Opes Prime that was ultimately backed by ANZ and its lenders/money.