Australia and New Zealand Banking Group’s
(ASX:ANZ) bid to recover $900 million from the sale of Burrup Fertilisers is in doubt. That’s according to a report by The Australian.
The ammonia producer’s gas suppliers have launched a Supreme Court action, accusing receivers of revealing confidential details of gas prices.
The reliability of the 25-year gas contract is a stumbling block for financier ANZ in its attempts to recover the millions of dollars lent.
Burrup Fertilisers was placed in receivership in December by the bank amid allegations of financial irregularities.
ANZ recorded a net profit of $2.7 billion for the half year ended 31 March 2011.
