Fertiliser tycoon Pankaj Oswal siphoned off $150m in company funds, court hears
This article is more than 7 years oldMoney allegedly spent on Dalkeith home, construction of the never completed ‘Taj on the Swan’ and wife’s restaurant chain
The Indian businessman Pankaj Oswal misappropriated more than $150m in company funds for his Perth homes, a vegetarian restaurant chain, luxury cars and planes, a court has heard.
The money went to the Oswals’ Dalkeith home, the construction of what was to be a $70m Peppermint Grove mansion dubbed the “Taj on the Swan” that was never completed, a boat and cars including an Aston Martin and Mercedes-Benz, a trial heard.
Philip Solomon QC said funds were also used for aircraft, including paying for Oswal’s wife, Radhika, one of their daughters and a friend to fly halfway up the West Australian coast for a birthday party.
The Victorian supreme court on Monday heard more than $11m went towards the construction of the Peppermint Grove residence and $8m to Radhika Oswal’s Otarian vegetarian restaurant chain that operated in London and New York.
Solomon said Pankaj Oswal authorised the removal of more than $150m over a three-year period from the accounts of Yara Pilbara Fertilisers (previously known as Burrup Fertilisers) in payments that were not for the company’s use.
“Almost all of the $150m personally benefited Pankaj Oswal and Radhika Oswal,” Solomon told the court.
He said private farming properties, property developments, mining ventures, vegetarian restaurants, boats and the like were not the company’s assets.
He said the payments escalated dramatically in the year before receivers were appointed in December 2010, after Oswal obtained what Solomon called a “stay of execution” in relation to his control over the WA ammonia plant.
More than $100m was removed from the company in the 359 days before receivers were brought in, said Solomon, who is representing the company.
Solomon said $60m was paid to the Burrup trust, of which Oswal was trustee.
The case continues.
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