"Whilst your securities are lodged with Opes Prime and held by...

"Whilst your securities are lodged with Opes Prime and held by our custodian, ANZ Nominees, you remain the beneficial owner of the securities and therefore are able to participate in corporate actions, with the exception of share purchase plans. All entitlements for your holding will be passed on to you with a notice outlining the transaction."


Hugh McLernon said: "If ANZ had notice through its executives of these statements being made by Opes on their website, in their brochures, orally, in presentation documents to stockbrokers and financial planners, in their accounts and in their correspondence, then ANZ will have to disgorge the funds received for the shares and may have to pay extra damages in relation to particular cases where particular damage has been caused by the sale."

Comment

Timeline ...This article was in May ..The Crawford Report was completed at a latter date ...in which it was revealed that 5 Executives or staff of ANZ Nominees were using the "Margin Facilities " offered by Opes

This writer, by way of simple logic, ..asserts that ANZ were on "Notice" wrt to Opes's representations as the executives were so familiar with Opes that they were using it's product

Further , through other affidavits etc, we understand ANZ were Co-Promoters ..willing to attend meetings with prospective clients

It beggars belief that ANZ Nominees weren't aware that ANZ logo and Co-Branding or endorsing Opes...by the use of the words Bankers and Custodians

ANZ's position is that ...it just didn't know...I for one find that position simply unsustainable