ANZ would have been presented the OP audited accounts as part of...

ANZ would have been presented the OP audited accounts as part of their due diligence on their $1Bn lending book to OP...the accounts were audited by E&Y.

As per todays article in the Australian, the accounts appear to have shown the Opes clients affairs were being accounted as margin loans...NOT lending agreements....the accounts could have have also shown the extent of the related party transactions..which we have heard were considerable..blended margin 70%...and we have heard many clients received only 10% LVR and some had cash holdings...we have heard all this to date.

Now it could be alleged that ANZ received an undisclosed benefit and their collateral was enhanced (a commercial benefit) as well as interest income from the financing activities.

It could be alleged that a fiduciary relationship was therefore offered by ANZ by their participation in the scheme as represented to the clients via opes....ANZ knew and accepted and were rewarded and paid for undertaking this role...as custodians and nominees for clients shares.

So one could assert that ANZ are in a braech of that fuduciary duty...a duty they offered and were rewarded for.

Now ANZ are saying no relationship ever existed..."we are innocent bystanders".