ANZ Banking Group (ASX:ANZ) is facing more delays in its bid to recover $900 million from the sale of explosives maker Burrup Fertilisers.
ANZ placed Burrup into receivership at the end of last year amid allegations of financial irregularities.
The Australian says receiver PPB Advisory has admitted the recovery process has been stalled because of a dispute over a gas supply contract and the process of litigation.
PPB Advisory has also confessed it’s been delayed in selling a majority stake in Burrup for up to $1 billion, but is aiming to finalise a sale in the new year.
ANZ reported a net profit of $5.4 billion in the 2011 financial year.
