Monday, March 31, 2008
Welcome to the ANZ Hate Page
This page has come about due to the behaviour and operational protocols of one of Australia's biggest banks and it's relation to the collapse of Opes Prime Stockbroking which has left over 1,200 retail clients exposed to a 100% loss of their portfolios. Please check back often as this story unfolds.
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4 comments:
ANZ should be subjected to an investigation by ASIC and APRA over the way they have behaved. ANZ laid off 2 employees over the OP collapse. Was there a conspiracy, with ANZ employees a part of the scheme? ANZ went from an unsecured creditor to secured just before Easter, based on inside knowledge, not available to other unsecured creditors, that is, OP clients.
From an OP insider, I heard that all OP staff were called to a staff
meeting on 18 March. Staff were told by an OP Director that 'one' of the OP clients account had a problem, but a solution was being worked through, and that ANZ was aware,was supportive and would be taking equity in the Reco deal. The staff WERE NOT told that the Chairman and Secretary of OP
had resigned on 18 March.
It would appear therefore, that ANZ saw what was coming, didn't like it, moved swiftly, and put a
security charge over the book, from being previously an unsecured creditor, just before Easter, after the staff meeting and Chairman/Secretary resignations.
I also heard than another Opes insider is going to evidence to the ASIC about risk management procedures and ANZ's involvment in the last few weeks
Great info that will help any court proceedings. Please keep posting this information. It provides some hope.
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