Australia and New Zealand Banking Group Ltd said it will take an A$145 million ($111 million) charge subsequent to achieving a settlement with an Indian couple who sued over the bank's part in an advantage deal.
The couple, Pankaj and Radhika Oswal, needed A$2.5 billion from the bank taking after a disagreement about its part offering their stake in Burrup Fertilizers in 2010, ANZ said in an announcement on Thursday.
The bank and the Oswals have now achieved a settlement, the bank included, taking note of that the terms of the settlement stay classified. ANZ, Australia's third greatest bank, said it will take a pre-charge temporary charge of about A$145 million at its forthcoming 2016 entire year results."ANZ does not acknowledge a large portion of the cases made in court and we totally dismiss the assertions made against our staff," ANZ Chief Executive Officer Shayne Elliott said in the announcement.
"In any case, we trust the settlement is the right choice for shareholders remembering the leftover dangers for a situation of this size and unpredictability," Elliott included.