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{{Use dmy dates|date=January 2012}}
{{Use dmy dates|date=January 2012}}
'''Pankaj Oswal''' is an Indian Australian businessman. He was the Chairman and [[Managing Director]] of ''Burrup Holdings Limited''. BOY is a [[Perth, Western Australia|Perth]] based company and one of the world's largest liquid [[ammonia]] production companies.<ref>{{cite web|url=http://www.ibisworld.com.au/enterprisefull/default.aspx?entid=12747 |title=About Burrup Holdings Ltd |publisher=Ibisworld.com.au |date=31 March 2009 |accessdate=4 January 2012}}</ref> Oswal has a fortune of over A$2 billion making him one of Australia's richest people.<ref>{{cite web|author=5 Minutes 10 Minutes <!-- // .tier-2 --> |url=http://www.theaustralian.news.com.au/story/0,25197,23823696-5005200,00.html |title=Oswal family failures outweighs fertiliser success, Sarah-Jane Tasker, The Australian, June 7, 2008 |publisher=Theaustralian.news.com.au |date=15 December 2011 |accessdate=4 January 2012}}</ref> He owns 55% of the equity capital of BOY.
'''Pankaj Oswal''' is an Indian Australian businessman. He was the Chairman and [[Managing Director]] of ''Burrup Holdings Limited''. BOY is a [[Perth, Western Australia|Perth]] based company and one of the world's largest liquid [[ammonia]] production companies.<ref>{{cite web|url=http://www.ibisworld.com.au/enterprisefull/default.aspx?entid=12747 |title=About Burrup Holdings Ltd |publisher=Ibisworld.com.au |date=31 March 2009 |accessdate=4 January 2012}}</ref> Oswal has a fortune of over A$2 billion making him one of Australia's richest people.<ref>{{cite web|author=5 Minutes 10 Minutes <!-- // .tier-2 --> |url=http://www.theaustralian.news.com.au/story/0,25197,23823696-5005200,00.html |title=Oswal family failures outweighs fertiliser success, Sarah-Jane Tasker, The Australian, June 7, 2008 |publisher=Theaustralian.news.com.au |date=15 December 2011 |accessdate=4 January 2012}}</ref> He owns 55% of the equity capital of BOY.

Oswal arrived in Australia in 2001 from [[India]].<ref>{{cite web|url=http://www.forbes.com/global/2006/1002/030.html |title=Smelling Salts, Tim Treadgold, Forbes, 10.02.06 |work=Forbes |date=27 October 2006 |accessdate=4 January 2012}}</ref>
In December 2010, the Oswal family departed Australia as their financial lender, ANZ bank, appointed receivers to Burrup Holdings Ltd.<ref>{{cite web|author=5 Minutes 10 Minutes <!-- // .tier-2 --> |url=http://www.theaustralian.com.au/business/anz-puts-oswals-burrup-into-receivership/story-e6frg8zx-1225972970198 |title=ANZ appoint receivers, Andrea Main & Andrew Burrell, The Australian, 18 Dec 2010 |work=The Australian |date=15 December 2011 |accessdate=4 January 2012}}</ref> With over $860 million at stake, this is ANZ's biggest single impaired asset. Initially the Oswals remained in India until it became clear that the long awaited Australian Indian extradition treaty was about to be formalised, at which time the Oswals moved to Dubai.<ref>{{cite web|author=5 Minutes 10 Minutes <!-- // .tier-2 --> |url=http://www.theaustralian.com.au/business/palatial-bolthole-for-failed-fertiliser-king/story-e6frg8zx-1225992594511 |title=Palatial bolthole for failed fertiliser king, Amanda Hodge and Andrew Burrell, The Australian, 22 Jan 2011 |work=The Australian |date=15 December 2011 |accessdate=4 January 2012}}</ref> By mid 2011, when it became clear that the Oswals would not return to Perth, the receivers indicated that Burrup senior executives were to face public examination in an attempt to locate hidden assets.<ref>{{cite web|author=5 Minutes 10 Minutes <!-- // .tier-2 --> |url=http://www.theaustralian.com.au/national-affairs/chemicals-tycoon-breaks-promise-to-meet-receivers/story-fn59niix-1225985239894 |title=Chemicals tycoon breaks promise to meet receivers, Andrew Burrell, The Australian, 11 Jan 2011 |work=The Australian |date=15 December 2011 |accessdate=4 January 2012}}</ref> Those executives included finance director, Raj Jeyarajah; legal council, Basil Lenzo; corporate director, Wolfgang Jovanovic; and commercial director, Vinojit Ambalavaner.<ref>{{cite web|url=http://au.news.yahoo.com/thewest/business/a/-/news/9599989/burrup-execs-to-face-public-examination/ |title=Burrup execs to face public examination, Peter Klinger and Neale Prior, The West Australian, 8 June 2011 |publisher=Au.news.yahoo.com |date=8 June 2011 |accessdate=4 January 2012}}</ref> Vinojit Ambalavaner now resides in Cambodia where he is heading up the establishment of a new 2.2 billion fertiliser project for undisclosed investors.<ref>{{cite web|url=http://www.phnompenhpost.com/index.php/2011111852823/Business/royal-group-linked-to-new-22bn-firm.html |title=Royal Group linked to new 2.2 billion firm, Tom Brennan, The Phnom Penh Post, 18 Nov 2011 |publisher=Phnompenhpost.com |date=18 November 2011 |accessdate=4 January 2012}}</ref><ref>{{cite web|author=10 December 2011 5:00&nbsp;pm |url=http://www.perthnow.com.au/business/business-old/burrup-man-in-new-fertiliser-bid/story-e6frg2qu-1226218918380 |title=Burrup man in new fertiliser bid, Nick Evans, The Sunday Times, 10 Dec 2011 |publisher=Perthnow.com.au |date=10 December 2011 |accessdate=4 January 2012}}</ref> After extensive investigations PPB referred allergations of a series of financial irregularities within the Burrup companies to the Australian Securities & Investments Commission.

==Family background==
Pankaj is the son of Aruna and Abhey (sometimes spelt Abhay) Kumar Oswal, grandson of Lala Vidya Sagar (Lala Ji) and Smt. Mohan Dai Oswal.<ref>{{cite web|url=http://www.ludhianadistrict.com/personality/vidya_sagar_oswal.php |title=About Lala Vidya Sagar Oswal |publisher=Ludhianadistrict.com |date=20 July 2005 |accessdate=4 January 2012}}</ref> Pankaj grew up in India and studied at [[Manipal Institute of Technology]]. After graduating he worked for several of his father's enterprises.<ref>{{cite book|url=http://books.google.com/books?id=hRT9LKFLVeMC&pg=PA220&lpg=PA220&dq=when+%26+where+was+Pankaj+Oswal+born+%28India+1974?%29&source=bl&ots=JICgKPLiIv&sig=JRlKgKc7VAcODOQ14oQ-RmcDLCA&hl=en&ei=BxNnTrvXI8fUiALLpeieCg&sa=X&oi=book_result&ct=result&resnum=8&ved=0CEYQ6AEwBw#v=onepage&q&f=false |title=Asia Major Manufacturers, pg 220 item 4003 |publisher=Google Books |accessdate=4 January 2012}}</ref> Most notably Pankaj held senior management positions at Oswal Chemicals & Fertilisers Ltd when the company faced charges of a serious environmental nature.<ref>{{cite web|url=http://www.sulphuric-acid.com/sulphuric-acid-on-the-web/acid%20plants/Oswal%20Chemical%20-%20Paradeep.htm |title=Oswal Chemicals Sulphuric acid contamination |publisher=Sulphuric-acid.com |accessdate=4 January 2012}}</ref> As per the traditions of arranged marriages, Pankaj partnered with Radhika, the result of that union being two daughters. The family is Jain, with their spiritual advisor being Bhaishri Rameshbhai Oza.<ref>{{cite web|author=5 Minutes 10 Minutes <!-- // .tier-2 --> |url=http://www.theaustralian.com.au/news/features/meet-the-oswals/story-e6frg8h6-1111116556392 |title=The Australian, Meet the Oswals, Victoria Laurie, The Australian, 7 June 2008 |work=The Australian |date=15 December 2011 |accessdate=4 January 2012}}</ref> The Oswals demonstrated support for Bhaishri by sponcering events and travel.<ref>{{cite web|url=http://www.pro-design.com.au/gallery_info.php?gallery_id=61 |title=Bhaishri Rameshbhai Oza in Perth 2008, Pro Design |publisher=Pro-design.com.au |accessdate=4 January 2012}}</ref> Pankaj, through the marriage of his sister Shallu, is brother-in-law to [[Naveen Jindal]], an active [[Lok Sabha|Congress Lok Sabha Member]].

==Environmental issues – Burrup==
The Burrup Peninsula/[[Murujuga]] is home to rare ancient rock art and drawings. Many interested parties and groups have strenuously lobbied for protection of this unique area.<ref>{{cite web|url=http://mc2.vicnet.net.au/home/dampier/web/hist.html |title=History of the Dampier Issue,Refer entry 8 Aug 2006 |publisher=Mc2.vicnet.net.au |accessdate=4 January 2012}}</ref> Whilst under the control of Pankaj Oswal, there were several instances of environmental concern relating to the management and operation of the Burrup Fertilizer plant.<ref>{{cite web|url=http://www.dampierrockart.net/2008-12-15%20FARA%20appeal%20Technical%20Ammonium%20Nitrate%20explosives%20plant-doc.pdf |title=Appeals Convenor WA Gov. refer pages 10,17,23 & balance of submission for background info. |format=PDF |accessdate=4 January 2012}}</ref> On 26 May 2006, there was an extensive toxic spill of approximately 79,000 litres of liquid aMDEA from the Burrup Fertiliser facility due to incorrectly set up equipment. Some of this chemical spill leached into the ecologically sensitive King Bay. Additionally, a large quantity of process gas along with aMDEA gas was released into the atmosphere.<ref>{{cite web|url=http://dampierrockart.net/media/2006-11-08%20Burrup%20aMDEA%20leak%20report%20made%20public-Pilbara%20News.pdf |title=Burrup aMDEA leak report made public under Freedom of Information Act, Pilbara News, page 14, 18 Nov 2006 |format=PDF |accessdate=4 January 2012}}</ref> There were growing concerns among the Pilbara community at the manner in which Mr Oswal, along with his partner Yara, dismissed environmental concerns and disregarded the significance of the rock art which is culturally important to the Aboriginal and Australian community.<ref>{{cite web|url=http://robinchapple.com/pankaj-oswal-and-cultural-insensitivity-adjournment-speech |title=Robin Chapple speech |publisher=Robinchapple.com |date=26 May 2010 |accessdate=4 January 2012}}</ref>

==Litigation Prior to ANZ appointment of Receivers Dec 2010==
Due to complex structuring of the Oswal group of companies, there have been some unusual and difficult legal matters presented to the courts, as various businesses attempted to resolve issues arising from their dealings with Pankaj Oswal. Litigation instigated by Paharpur Cooling Towers clearly demonstrates a complexity of contract arrangements.<ref>{{cite web|url=https://maritimejournal.murdoch.edu.au/index.php/maritimejournal/article/viewFile/73/115 |title=Paharpur Cooling Towers Ltd v Paramount (WA) Ltd 2008 WASCA 110 |accessdate=4 January 2012}}</ref> Another curious case involved Mr Vikas Rambal who is a former friend and business partner of Pankaj Oswal.<ref>{{cite web|url=http://asiapacific.anu.edu.au/blogs/southasiamasala/2011/03/15/pankaj-oswal-and-india-australia-business/ |title=Brian Stoddart, South Asia Masala, 15 Mar 2011 |publisher=Asiapacific.anu.edu.au |accessdate=4 January 2012}}</ref>
In 2006 Mr Rambal applied to the courts to put Burrup into the hands of receivers claiming financial irregularities by Pankaj Oswal and related third parties.<ref>{{cite web|url=http://www.dampierrockart.net/Media/2006-12-30%20Row%20clouds%20Burrup%20plant-West%20Aus.pdf |title=Row clouds Burrup plant, John Phaceas, West Australian, 30 Dec 2006 |format=PDF |accessdate=4 January 2012}}</ref> Additionally Rambal claimed that mismanagement contributed to safety breaches at the plant causing environmental problems. There were also claims that documents were falsified in relation to the plant completion date. The acrimonious split between Oswal and Rambal was eventually settled out of court. With the court case scheduled in Feb 2007, a confidential settlement was reached and Rambal went on to establish his own company, Perdaman Industries, within the year. During this same period, Yara instigated action to try to compel Oswal to sell his share of the company. Yara only ceased this action prior to the proposed float of Burrup Holdings. The stream of litigation continued with a real estate lease deal turned sour.<ref>{{cite web|last=Burrell |first=Andrew |url=http://www.perthnow.com.au/business/business-old/fertiliser-tycoon-oswal-faces-new-claims-in-court/story-e6frg2qu-1225891518197 |title=Fertiliser tycoon faces new claims in court, Andrew Burrell, The Australian, 13 July 2010 |publisher=Perthnow.com.au |date=13 July 2010 |accessdate=4 January 2012}}</ref> Court documentation revealed allergations by Fairworld Holdings that the Oswals had breached the Trades Practices Act by engaging in misleading and deceptive conduct during lease negotiations in 2007. In this particular case, both Pankaj and Radhika Oswal were subpoenaed to attend court, in order to answer intense questions relating to assets and validity of company minutes etc.<ref>{{cite web|url=http://au.news.yahoo.com/thewest/business/a/-/wa/7295304/oswals-grilled-over-failed-company/ |title=Oswals grilled over failed company, Amanda Sanders, The West Australian, 26 May 2010 |publisher=Au.news.yahoo.com |date=26 May 2010 |accessdate=4 January 2012}}</ref><ref>{{cite web|url=http://au.news.yahoo.com/thewest/business/a/-/business/8560782/the-private-and-public-world-of-the-oswals/ |title=The Private & Public world of the Oswals, Kate Emery, The West Australian, 24 Dec 2011 |publisher=Au.news.yahoo.com |date=24 December 2010 |accessdate=4 January 2012}}</ref> Growing media interest ensured wide spread coverage of this litigation.

==Attempted Floats of Burrup Holdings (BOY) 2008==
In mid 2008, a great deal of fanfare accompanied the promotion of upcoming float of Burrup Holdings Ltd. Overall reaction's from various market commentators were negative.<ref>{{cite web|last=Greenhalgh |first=James |url=http://www.intelligentinvestor.com.au/articles/Burrup-Holdings-BOY/Don-t-be-burned-by-ammonia-float.cfm |title=Don't be burned by ammonia float, James Greenhalgh, Intellegent Investor, 2 June 2008 |publisher=Intelligentinvestor.com.au |date=31 March 2009 |accessdate=4 January 2012}}</ref> Some newspaper reports highlighted deficiencies in the prospectus document, which resulted in increased scruntiny of the float deal. The corporations act requires full disclosure of third party relationships and loans, however the BOY prospectus neglected to detail several loans to related companies registered in the British Virgin Islands and other overseas locations.<ref>{{cite web|author=6 June 2008 10:00&nbsp;pm |url=http://www.perthnow.com.au/news/doubt-clouds-rise-over-oswals/story-e6frg12c-1111116566658 |title=Clouds of doubt rise over the Oswal story, Michael Sainsbury & Jennifer Hewett, The Australian, 6 June 2008 |publisher=Perthnow.com.au |date=6 June 2008 |accessdate=4 January 2012}}</ref> Various comment boards picked up on the negative aspects of the Oswal operation of Burrup Fertilisers Pty Ltd.<ref>{{cite web|url=http://www.aussiestockforums.com/forums/showthread.php?t=11142&page=1 |title=Aussie Stock Forums |publisher=Aussie Stock Forums |accessdate=4 January 2012}}</ref> Ultimately, Pankaj Oswal called off the proposed float.<ref>{{cite web|author=Burrup Holdings Limited |url=http://www.crmz.com/Report/ReportPreview.asp?BusinessId=11271420 |title=Business Report |publisher=Crmz.com |accessdate=4 January 2012}}</ref> Given the companies subsequent trading figures, many commentators felt vindicated in their recommendations to avoid the BOY float.<ref>{{cite web|url=http://www.businessday.com.au/business/forex-losses-hit-burrup-hard-20091129-jyxq.html |title=Forex losses hit Burrup hard, Colin Kruger, Business Day, 30 Nov 2009 |publisher=Businessday.com.au |accessdate=4 January 2012}}</ref>

Norwegian ammonia trader [[Yara International]] were originally 30% share holders of Burrup Fertilisers due to a $100 million seed investment in the company. This share holding was to be sold down to 27% with the BOY float. After the float was called off, negotiations resulted in Yara increasing their share holding to 35% with, a payment of $141 million to Oswal in September 2008. Almost immediately, tensions in the Oswal and Yara relationship esculated into further court action when attempts were made by Pankaj to convert the unlisted Burrup from a public to proprietary company apparently to sidestep the reporting requirements of a public company.<ref>{{cite web|url=http://www.smh.com.au/business/burrup-float-kicks-up-a-stink-20100926-15sf0.html |title=Burrup float kicks up a stink, Colin Kruger, 27 Sept 2011, The Sydney Morning Herald |work=Sydney Morning Herald |date=27 September 2010 |accessdate=4 January 2012}}</ref>

==Lifestyle==
Whilst living in Perth the Oswals embarked on a series of glittering events, the size and scale of which escalated with each passing year.<ref>{{cite web|url=http://www.watoday.com.au/entertainment/oswals-extravagant-evening-20080630-2z70.html |title=Oswals extravagant evening, Daile Pepper, 30 June 2008, WA Today |work=watoday.com.au |date=30 June 2008 |accessdate=10 January 2012}}</ref> In courting the media the Oswals increased both their own public profile and that of Burrup Fertilisers.<ref>{{cite web|url=http://www.perthnow.com.au/entertainment/perth-confidential/perth-confidential/story-e6frg30u-1111113911005 |title=Perth Confidential, Wendy Caccetta, 7 July 2007, The Sunday Times |work=perthnow.com.au |date=7 July 2007 |accessdate=10 January 2012}}</ref> The social pages of Perth newspapers regularly featured the Oswals.<ref>{{cite web|url=http://www.stylevoyeur.com/mt/mt-search.cgi?blog_id=3&tag=Radhika%20Oswal&limit=20&IncludeBlogs=3 |title=Stylevoyeur, 7 September 2008 |work=stylevoyeur.com |date=7 July 2008 |accessdate=10 January 2012}}</ref> The lifestyle included all the trappings of wealth including private jet, collection of 17 motor vehicles, homes in exclusive suburbs Mosman Park and Peppiment Grove, luxury yachts etc.<ref>{{cite web|url=http://www.theaustralian.com.au/news/nation/taj-on-the-swan-on-hold-as-receivers-eye-ruins-of-oswal-empire/story-e6frg6nf-1225974137314 |title=Taj-on-the-Swan on hold as receivers eye ruins of Oswal empire, Nicolas Perpitch, The Australian, 21 Dec 2010 |work=theaustralian.com.au |date=21 December 2010 |accessdate=10 January 2012}}</ref> From 2008 as cracks began to appear in the Oswal empire, investigative journalists produced articles questioning aspects of the Burrup operation along with affiliated companies. Mrs Oswal attributed this negative media to racism.<ref>{{cite web|url=http://www.perthnow.com.au/business/local-business/pankaj-oswal-whisper-campaign-growing-louder/story-e6frg2s3-1225843655957 |title=Pankaj Oswal whisper campaign growing louder, Andrew Burrell, The Australian, 22 Mar 2010 |work=perthnow.com.au |date=22 March 2010 |accessdate=10 January 2012}}</ref> Construction of a new residence in Peppiment Grove was to be the jewel in the crown for this socialite couple. Estimated cost of the endeavour,dubbed Taj on Swan, was to be between 55 million to 80 million once completed; and included 100 arches, 7 bedrooms, 11 bathrooms. beauty salon, gym, and telescope room. The proposed pool was to be 10 times larger than the average Perth backyard. This building project came to a halt when receivers PPB were appointed to Burrup in December 2010.<ref>{{cite web|url=http://l.yimg.com/ea/img/-/110202/a_220410genoswal2_16khon0-16khon2.jpg |title=Image of Taj on Swan |work=l.yimg.com}}</ref> In the months preceding this, Radhika Oswal pushed ahead opening outlets for her proposed Otarian chain of vegetarian fast food stores.<ref>{{cite web|url=http://thirtyoneseventyfive.com/otarian-londons-first-carbon-counting-vegetarian-chain-funded-by-ammonium-nitrate-fertiliser/ |title=Otarian, London's first carbon counting vegetarian chain funded by ammonium nitrate fertiliser, Tim Chester, thirtyoneseventyfive.com, 2010 |work=thirtyoneseventyfive.com |accessdate=10 January 2012}}</ref> Radhika Oswal oversaw details of the Otarian project right down to the creation of staff uniforms by her preferred couture designer Turun Tahiliani.<ref>{{cite web|url=http://www.lassiwithlavina.com/foodieheavan/eat-out-and-save-the-earth/html |title=Eat out and save the earth, Lassi with Lavina, 10 May 2010 |work=lassiwithlavina.com |date=10 May 2010 |accessdate=10 January 2012}}</ref>

==Other Litigation==
Early 2011, Limited Edition Luxury Homes started action to recover monies owed by the Oswals for construction costs on their extravagant new home dubbed "Taj on Swan".<ref>{{cite web|url=http://www.watoday.com.au/wa-news/dream-over-for-oswals-as-curtain-falls-on-tajonswan-mansion-20110117-19tq9.html |title=Dream over for Oswals as curtin falls on Taj on Swan, Watoday, 17 Jan 2011 |publisher=Watoday.com.au |date=17 January 2011 |accessdate=4 January 2012}}</ref> The success of this court action was a hollow victory given that the Oswals had permanently departed Australia.<ref>{{cite web|author=5 Minutes 10 Minutes <!-- // .tier-2 --> |url=http://www.theaustralian.com.au/news/nation/oswal-ordered-to-pay-builder-423000/story-e6frg6nf-1226013779482 |title=Oswal ordered to pay builder $423,000; Nicholas Perpitch, The Australian, 1 Mar 2011 |work=The Australian |date=15 December 2011 |accessdate=4 January 2012}}</ref> Administrators, PPB have claimed that funds were diverted from Burrup to finance the Oswals lifestyle and the Peppermint Grove building project.<ref>{{cite web|url=http://www.smh.com.au/business/receivers-pursue-oswals-to-recoup-112m-20110310-1bpqr.html |title=Receivers pursue Oswals to recoup $112 million, Colin Kruger, 11 Mar 2011, The Sydney Morning Herald |work=Sydney Morning Herald |accessdate=4 January 2012}}</ref> The "Taj" remains unfinished and an eyesore.

Throughout 2011 the complicated web of litigation surrounding the Oswals produced many media headlines as previously unknown details were made public through court transcripts. In January 2012 a Federal Court judge found there appeared to be a lack of material to support a claim by Pankaj Oswal that he is owed $500 million from his former Burrup Fertilisers empire. During this hearing Mr Oswal was directed to put up $100,000 in security for legal costs should receivers prove their claim that the businessman stripped more than $200 million from Burrup.<ref>{{cite web|url=http://fw.farmonline.com.au/news/state/agribusiness-and-general/finance/judge-queries-oswals-500m-claim/2410898.aspx |title=Judge queries Oswal's $500m claim, Farm Weekly, 5 Jan 2012 |work=farmonline.com.au |date=5 Jan 2012 |accessdate=5 January 2012}}</ref>

==Response to activities of Pankaj Oswal – BurrupWatch==
In some quarters there were growing concerns relating to the activities of Pankaj Oswal and Burrup Fertilisers Pty Ltd. In this age of social media the creator of Burrupwatch<ref>[http://twitter.com/#!/burrupwatch @BurrupWatch]</ref> provides constant news undates of those activities. Burrupwatch has in turn been recognised and cited in various media stories.<ref>{{cite web|url=http://www.smh.com.au/business/mackay-joins-push-to-tackle-balmain-20110821-1j4k8.html |title=Refer sub headings "Ammonia Aroma" followed by "Radhika Retorts", Scott Rochfort,The Sydney Morning Herald, 22 Aug 2011 |work=Sydney Morning Herald |date=22 August 2011 |accessdate=4 January 2012}}</ref>

==Third Party Relationships==
Over the years, speculation has been rife about the financial relationship of Pankaj's companies to the business operations of his father, Abhey Oswal.<ref>{{cite web|url=http://www.tehelka.com/story_main14.asp?filename=Bu091705Sinking_at.asp |title=Abhey Oswal beefs up son's Aust. plant, Tehelka |publisher=Tehelka.com |accessdate=4 January 2012}}</ref> In Australia and India, commentators have voiced concerns relating to the vague and incomplete details offered in the annual reports of companies operated by Oswal senior and Pankaj Oswal.<ref>{{cite web|url=http://www.equitymaster.com/outsideview/detail.asp?date=11/15/2011&story=11&title=Oswal-Chemicals-A-directionless-company |title=Oswal Chemicals, A Directionless Company, Luke Verghese,Equitymaster 15 Nov 2011 |publisher=Equitymaster.com |accessdate=4 January 2012}}</ref><ref>{{cite web|url=http://www.gauravblog.com/?p=686#comments |title=Controversy revives take Oswal Chemicals for example, Gustav's blog, 11 Oct 2011 |publisher=Gauravblog.com |date=11 October 2009 |accessdate=4 January 2012}}</ref> The myriad companies associated with the Oswal family extend across several continents. These ventures are all in differing transient stages of operation, with Oswal Overseas Ltd. taking prominence in 2008.<ref>{{cite web|url=http://economictimes.indiatimes.com/oswal-overseas-ltd/directorsreport/companyid-8502.cms |title=Oswal Overseas Ltd, The Economic Times |publisher=Economictimes.indiatimes.com |accessdate=4 January 2012}}</ref> The push into the Indonesian coal market by Abhey's company, Oswal Overseas, co-insided with Pankaj's creation of the shipping company Maruti based in Singapore.<ref>{{cite web|url=http://static.e24.no/drpublish/uploads/2011/05/18/pdf_1.pdf |title=Business details Maruti Shipping |format=PDF |accessdate=4 January 2012}}</ref> As with Burrup, ANZ became involved with the financing of Maruti Shipping.<ref>{{cite web|url=http://www.tbig.com.au/forums/latest-news/19713-anz-faces-100-million-loss.html |title=ANZ $100 million loss, Business Intelligence Cortex |publisher=Tbig.com.au |accessdate=4 January 2012}}</ref> The media started to focus on companies like Maruti, attempting to piece together an image of the Oswal web.<ref>{{cite web|author=5 Minutes 10 Minutes <!-- // .tier-2 --> |url=http://www.theaustralian.com.au/business-old/city-beat/pankaj-oswal-says-rumours-that-hes-fled-are-fanciful-and-mischievous/story-e6frg9no-1225974664587 |title=Fanciful and Mischievous story, Andrew Main, The Australian, 22 Dec 2010 |work=The Australian |date=15 December 2011 |accessdate=4 January 2012}}</ref> In the latter part of 2011 the Oswal family created another business identity by rebranding Oswal Chemicals & Fertilizers to Oswal Green Tech Ltd. It is under this mantle that they acquired 14.17% of Indian media entity New Delhi Television.<ref>{{cite web|url=http://articles.economictimes.indiatimes.com/2011-12-21/news/30542989_1_ndtv-new-delhi-television-equity-shares |title=Oswal Green Tech buys 14.17% stake in NDTV, Economic Times, 21 Dec 2011 |publisher=Articles.economictimes.indiatimes.com |date=21 December 2011 |accessdate=4 January 2012}}</ref><ref>{{cite web|url=http://ncrkhabar.com/media-news/oswal-group-buys-14-2-in-ndtv-for-rs-24-24-cr |title=Oswal Group buys 14.2% in NDTV for Rs24.24 cr, NCR Khabar, 21 Dec 2011 |publisher=ncrkhabar.com/media-news |date=21 December 2011 |accessdate=21 January 2012}}</ref>

The complexity of the Oswals company arrangements presents a jig-saw image to the outsider, nevertheless, PPB the administrators appointed to Burrup have detailed some interesting transactions.<ref>{{cite web|author=5 Minutes 10 Minutes <!-- // .tier-2 --> |url=http://www.theaustralian.com.au/business/fertiliser-tycoon-sued-over-lost-110m/story-e6frg8zx-1226019346160 |title=Tycoon sued over lost $110 million, Nicolas Perpitch, The Australian, 11 Mar 2011 |work=The Australian |date=15 December 2011 |accessdate=4 January 2012}}</ref> There are approximately thirteen Burrup related litigations still before the courts. It is difficult to keep track of the deals involving Pankaj and Radhika Oswal due to their multiple forays into business partnerships and joint ventures.<ref>{{cite web|url=http://www.otcmarkets.com/stock/WGPRY/news?id=13488&b=y |title=Finalisation of Joint Venture, Westralian Gas & Power Ltd, 30 Oct 2008 |publisher=Otcmarkets.com |accessdate=4 January 2012}}</ref> There is a growing list of administrators dealing with various Oswal enterprises. Taylor Woodings became administrators for Oswal Developments in Feb 2011.<ref>{{cite web|url=http://media.hubonline.com.au/agents_folder/4107/files_news/110316%20-%20114%20Mulgul%20Road,%20Malaga.pdf |title=Property news, Marissa Lague, The West Australian, 16 Mar 2011 |format=PDF |accessdate=4 January 2012}}</ref> Another operation instigated by Radhika Oswal, Otarian, was subject to a winding up petition by a creditor, Fileturn, which forced the closure of the London outlets.<ref>{{cite web|url=http://www.london-gazette.co.uk/issues/59875/notices/1418242 |title=Notice winding up petition Otarian |publisher=London-gazette.co.uk |date=10 August 2011 |accessdate=4 January 2012}}</ref><ref>{{cite web|author=11 August 2011 7:28&nbsp;pm |url=http://www.perthnow.com.au/business/business-old/another-oswal-company-goes-to-the-wall/story-e6frg2qu-1226113377290 |title=Another Oswal company goes to the wall, Nick Evans, Perth Now, 11 Aug 2011 |publisher=Perthnow.com.au |date=11 August 2011 |accessdate=4 January 2012}}</ref> The financing arrangements for Otarian link back to another piece of the jigsaw, Oswal Projects based in Singapore.<ref>{{cite web|url=http://www.companiesintheuk.co.uk/Purchase/ViewDocument/1172433 |title=Otarian financials |accessdate=4 January 2012}}</ref> The financial records for Otarian show approximately $7.5 million share capital being input from Oswal Projects.<ref>{{cite web|url=http://www.companiesintheuk.co.uk/Purchase/ViewDocument/1172848 |title=Otarian financials |accessdate=4 January 2012}}</ref> PPB list a similar amount of money diverted from Burrup to Oswal Projects. Claims by PPB cite that Pankaj Oswal engaged in fraudulent practices whilst Director of Burrup, and the accusations are now before the courts.<ref>{{cite web|author=5 Minutes 10 Minutes <!-- // .tier-2 --> |url=http://www.theaustralian.com.au/news/nation/fraud-claim-against-indian-tycoon-pankaj-oswal-doubles/story-e6frg6nf-1226160727705 |title=Fraud claims against Pankaj Oswal doubles, Andrew Burrell, 6 Oct 2011, The Australian |work=The Australian |date=15 December 2011 |accessdate=4 January 2012}}</ref><ref>{{cite web|author=7 September 2011 6:57&nbsp;pm |url=http://www.perthnow.com.au/business/business-old/fraud-blackmail-in-latest-oswal-claims/story-e6frg2qu-1226131700884 |title=Fraud, blackmail in latest Oswal claims, Nick Evans, 7 Sept 2011, Perth Now |publisher=Perthnow.com.au |date=7 September 2011 |accessdate=4 January 2012}}</ref> If successful, these claims may elevate Pankaj Oswal to one of biggest frauds in Australian history.

==Viability of Burrup Fertilisers Pty Ltd==
On the basis of submissions made by Pankaj Oswal, the West Australian government invested over $135 million worth of infrastructure to assist in the establishment of the Burrup plant.<ref>{{cite web|url=http://www.dsd.wa.gov.au/documents/ProspectMar_May04(1).pdf |title=Refer page 5 Prospect Magazine, May 2004 |format=PDF |accessdate=4 January 2012}}</ref><ref>{{cite web|url=http://www.robinchapple.com/state-government-%E2%80%98investment%E2%80%99-failed-burrup-fertilisers-must-be-investigated |title=Robin Chapple MLC speech |publisher=Robinchapple.com |accessdate=4 January 2012}}</ref> In the early stages of the project, had the W.A. Government investigated the varacity of Mr Oswals statements it may well have come to light that the [[Orissa]] Plant in India was subject to serious charges of both an environmental and financial nature.<ref>{{cite web|last=Jena |first=Manipadma |url=http://infochangeindia.org/agenda/industrial-pollution/burnt-paddy-and-dead-fish.html |title=Oswal Orissa plant Industrial pollution |publisher=Infochangeindia.org |accessdate=4 January 2012}}</ref>

Cheap and plentiful supplies of gas are essential to the continued viability of the Burrup plant. The contracted gas suppliers are the Harriet Joint Venture partners [[Apache Corporation]], Tap Oil Ltd, and Kuwait's Kufpec through their [[Varanus Island]] project. On going disputes and litigation relating to the gas supply are certainly hindering the Burrup sale process instigated by ANZ appointed receiver PPB.<ref>{{cite web|author=30 September 2011 7:17&nbsp;pm |url=http://www.perthnow.com.au/business/wa-company-news/tap-oil-wins-early-victory-in-confidence-suit-against-burrup/story-e6frg2s3-1226154356064 |title=Tap Oil suit against Burrup Fertilisers, Nick Evans, Perth Now, 30 Sept 2011 |publisher=Perthnow.com.au |date=30 September 2011 |accessdate=4 January 2012}}</ref> Litigation includes claims of breaches in confidentiality by PPB relating to the contract gas price, which is interesting given that Pankaj Oswal often disclosed that information during media interviews.<ref>{{cite web|author=23 December 2011 12:31&nbsp;pm |url=http://www.perthnow.com.au/business/tap-oil-and-kufpec-launch-new-legal-action-against-burrup-fertilisers/story-e6frg2qc-1226229431301 |title=Tap Oil and Kufpec launch new legal action against Burrup Fertilisers, Nick Evans, Perth Now, 23 Dec 2011 |publisher=Perthnow.com.au |date=23 December 2011 |accessdate=4 January 2012}}</ref><ref>{{cite web|author=4-traders |url=http://www.4-traders.com/TAP-OIL-LIMITED-6491515/news/TAP-OIL-LIMITED-23-Dec-11-%7C-Tap-considers-that-Burrup-through-its-receivers-and-managers-has-breac-13946574/ |title=4-Traders, Tap Oil Ltd (TAP), 23 Dec 2011 |publisher=4-traders.com |date=23 December 2011 |accessdate=4 January 2012}}</ref> Time will tell if the Burrup plant is destined to become a testament to exaggerated visions collapsing under poor groundwork and alleged fraud.

In December 2011 it was revealed that Apache had made a bid for the Burrup facility.<ref>{{cite web|author=19 December 2011 11:40&nbsp;am |url=http://www.perthnow.com.au/business/apache-buys-oswals-stake-in-burrup/story-e6frg2r3-1226225865248 |title=Apache buys stake in Burrup, Nick Evans, Perth Now, 19 Dec 2011 |publisher=Perthnow.com.au |date=19 December 2011 |accessdate=4 January 2012}}</ref> Yara have certain pre-emptive rights which must be exercised by Feb 2012. In any case it appears there will be a significant shortfall in recovery of the impaired debt amount owing to ANZ.<ref>{{cite web|url=http://sl.farmonline.com.au/news/nationalrural/agribusiness-and-general/finance/apache-moves-on-burrup-with-anzs-blessing/2395842.aspx |title=Apache moves on Burrup, Stock and Land, 18 Dec 2011 |publisher=Sl.farmonline.com.au |date=18 December 2011 |accessdate=4 January 2012}}</ref> Radhika Oswal failed in her bid to stop the sale when the Victorian Supreme Court ruled against her.<ref>{{cite web|author=5 Minutes 10 Minutes <!-- // .tier-2 --> |url=http://www.theaustralian.com.au/business/news/tycoons-wife-fails-to-halt-burrup-sale/story-e6frg906-1226224452391 |title=Tycoon's wife fails to halt Burrup sale, Andrew Burrell, The Australian, 17 Dec 2011 |work=The Australian |date=15 December 2011 |accessdate=4 January 2012}}</ref> It is not yet known if an appeal will be lodged by the Oswals against that decision.

==List of Companies associated with Pankaj Oswal and family==
Oswal Chemicals & Fertilisers (formally Bindal Agro),<ref>{{cite web|url=http://economictimes.indiatimes.com/infocompanymanagement.cms?companyid=13950 |title=Economic Times, India Times |publisher=Economic Times, India Times |date=18 September 2010 |accessdate=4 January 2012}}</ref>
Oswal Agro Mills Ltd.,<ref>{{cite web|url=http://itatonline.org/archives/index.php/cit-vs-oswal-agro-mills-ltd-delhi-high-court-despite-non-user-of-asset-depreciation-admissible-if-it-is-part-of-block-of-assets |title=cit vs Oswal Agro Mills |publisher=Itatonline.org |accessdate=4 January 2012}}</ref><ref>{{cite web|url=http://oswalagromills.com/pdf/OSWAL_AGROANNUAL%20REPORT%202011.pdf |title=Oswal Agro Mills Annual Reports |format=PDF |accessdate=4 January 2012}}</ref> Oswal Agro Furane, Sohanaa International Pvt. Ltd,
Oswal Spinning & Weaving Mills Ltd.,<ref>{{cite web|url=http://investing.businessweek.com/research/stocks/people/board.asp?ticker=OWSW:IN |title=Investing Business Week |publisher=Investing Business Week |accessdate=4 January 2012}}</ref>
Oswal Brasil Refinaria de Petroleo Brazil,<ref>{{cite web|url=http://translate.google.com/translate?hl=en&sl=pt&u=http://infoener.iee.usp.br/infoener/hemeroteca/imagens/100444.htm&ei=-Ld0TpWPFsXwmAXkzqnxDA&sa=X&oi=translate&ct=result&resnum=2&sqi=2&ved=0CCgQ7gEwAQ&prev=/search?q%3DOswal%2BBrasil%2BRefinaria%2Bde%2Bpetroleo%26hl%3Den%26biw%3D1024%26bih%3D554%26prmd%3Dimvnso |title=Indian Company to invest |publisher=Google |accessdate=4 January 2012}}</ref>
Lucky Star Entertainment,<ref>{{cite web|url=http://ww.smashits.com/shail-oswal-making-music-is-better-br-than-making-dough/music-review-1071.html |title=Shail Oswal |publisher=Ww.smashits.com |accessdate=4 January 2012}}</ref>
Oswal Overseas Ltd.,<ref>{{cite web|url=http://economictimes.indiatimes.com/oswal-overseas-ltd/directorsreport/companyid-8502.cms |title=Economic Times, India Times |publisher=Economic Times, India Times |accessdate=4 January 2012}}</ref>
Oswal Group Global,<ref>{{cite web|url=http://www.omantribune.com/index.php?page=news&id=58636&heading=Business |title=Oman Tribune |publisher=Oman Tribune |accessdate=4 January 2012}}</ref>
Oswal Projects Ltd.,<ref>{{cite web|url=http://au.news.yahoo.com/thewest/a/-/breaking/8997493/oswal-claims-banker-attacked-him/ |title=Oswal claims banker attacked him, Kim MacDonald, The West Australian, 12 Mar 2011 |publisher=Au.news.yahoo.com |date=12 March 2011 |accessdate=4 January 2012}}</ref>
Paramount (WA) Ltd.,<ref>{{cite web|url=http://www.aar.com.au/pubs/arb/foarb17jul08.htm |title=Paramount |publisher=Aar.com.au |date=30 November 2011 |accessdate=4 January 2012}}</ref>
Worldwide Projects,<ref>{{cite web|author=5 Minutes 10 Minutes <!-- // .tier-2 --> |url=http://www.theaustralian.com.au/business/court-action-likely-to-revolve-around-oswal/story-e6frg8zx-1226005965621 |title=Court action lightly to revolve around Oswal, Andrew Burrell, The Australian, 14 Feb 2011 |work=The Australian |date=15 December 2011 |accessdate=4 January 2012}}</ref>
Garuda Aviation,<ref>{{cite web|author=2 February 2011 1:13&nbsp;pm |url=http://www.perthnow.com.au/business/business-old/pankaj-oswald-assets-frozen/story-e6frg2qu-1225998859396 |title=Pankaj Oswal assets frozen, Nick Evans, Perth Now, 2 Feb 2011 |publisher=Perthnow.com.au |date=2 February 2011 |accessdate=4 January 2012}}</ref>
Universal Projects FZE,<ref>{{cite web|url=http://in.reuters.com/finance/stocks/companyProfile?symbol=OSCH.NS |title=Reuters |publisher=In.reuters.com |accessdate=4 January 2012}}</ref>
Otarian,<ref>{{cite web|last=Miller |first=Jenny |url=http://newyork.grubstreet.com/2011/08/generally_when_were_angry_with.html |title=Generally when angry..., Jenny Miller, Grubstreet New York, 5 Aug 2011 |publisher=Newyork.grubstreet.com |date=5 August 2011 |accessdate=4 January 2012}}</ref>
Maruti Shipping Pte.,<ref>{{cite web|url=http://www.smh.com.au/business/burrup-to-investigate-allegations-over-shipping-bills-20101020-16ubl.html |title=Burrup to investigate allegations over shipping bills, Colin Kruger, The Sydney Morning Herald, 21 Oct 2010 |work=Sydney Morning Herald |date=21 October 2010 |accessdate=4 January 2012}}</ref> Maruti Investments Ltd, Maruti Logistics Pte Ltd,
Oswal Oman Caustic FZCO (now The Saltic FZCO),<ref>{{cite web|url=http://www.omantribune.com/index.php?page=news_main_page&id=613 |title=Oman Tribune |publisher=Oman Tribune |date=20 June 2006 |accessdate=4 January 2012}}</ref> Petrochemical Holdings Pty Ltd.,<ref>{{cite web|url=http://phpl.com/ |title=PHPL |publisher=PHPL |accessdate=4 January 2012}}</ref> Biz Dev International Pty Ltd, Katz Investments, Perrera Investments, Murcury Ltd, Double Time Enterprises, Burrup Holdings Ltd<ref>{{cite web|url=http://news.ninemsn.com.au/business/565235/burrup-holdings-launches-500m-ipo |title=Burrup Holdings launches IPO, ninemsn.com.au |publisher=News.ninemsn.com.au |accessdate=4 January 2012}}</ref>
(Burrup Fertilizers Pty Ltd, BFPL<ref>{{cite web|url=http://www.burrupfertilisers.com/ |title=Burrup Fertilisers, Receivers & Managers appointed |publisher=Burrupfertilisers.com |accessdate=4 January 2012}}</ref> & Burrup Trust), Oswal Energy Pty Ltd, Oswal Resources Pty Ltd, Oswal Developments (OSDEV), Oswal Industrial Pty Ltd, Oswal Green Tech Ltd, Galaxy Projects FZCO, Comical Ali Militant Vegetarian Pty Ltd.<ref>{{cite web|author=9 March 2011 8:56&nbsp;am |url=http://www.perthnow.com.au/business/business-old/court-hears-radhika-oswal-owes-140-million-in-tax/story-e6frg2qu-1226018327938 |title=Comical Ali Militant Vegetarian, Nick Evans, Perth Now, 9 Mar 2011 |publisher=Perthnow.com.au |date=9 March 2011 |accessdate=4 January 2012}}</ref>

By no means is this a conclusive list of companies with an Oswal association. There can be confusion due to the fact that the business names of Oswal companies often closely resemble other larger well regarded organisations. An example of this relates to Oswal Group that have no association with Pankaj and family.<ref>{{cite web|url=http://www.oswalindia.com/ |title=Oswal Group, a group of businesses NOT associated with Pankaj's family |publisher=Oswalindia.com |accessdate=4 January 2012}}</ref><ref>{{cite web|url=http://www.oswalgroup.com/history.html |title=Oswal Group, a group of companies NOT associated with Pankaj's family |publisher=Oswalgroup.com |accessdate=4 January 2012}}</ref> Oswal Engineering Works are part of the Oswal Group, however there are also companies, Oswal Engineering Corporation<ref>{{cite web|url=http://in.local.yahoo.com/mumbai/oswal-engineering-corporation-a56b1f65c9536ac23dbd8782a45999b8/ |title=In Local |publisher=In.local.yahoo.com |date=15 November 2011 |accessdate=4 January 2012}}</ref> and then Oswal Engineering & Chemical Corporation which may have an association with Pankaj Oswal. Additionally the Oswal's frequently refer to their various companies in slightly different formats as time passes. To add to the confusion some of these businesses seem inactive, have been liquidated, or put into voluntary receivership, with investors often lacking accurate and up to date information.<ref>{{cite web|url=http://www.watchoutinvestors.com/history.asp?def_code=P0052371 |title=watchoutinvestors.com, History Abhey Oswal |publisher=Watchoutinvestors.com |accessdate=4 January 2012}}</ref> Then there are other projects that have simply been abandoned, for example, Gladstone Oil Refinery.<ref>{{cite web|author=1 March 2011 |url=http://www.gladstoneobserver.com.au/story/2011/03/01/gladstone-oil-abandoned/ |title=Gladstone Oil abandoned, Gladstone Observer, 1 Mar. 2011 |publisher=Gladstoneobserver.com.au |date=1 March 2011 |accessdate=4 January 2012}}</ref> Another major project that failed to get off the ground was a 1.5bn solar plant originally proposed for the Pilbara region before Oswal changed direction citing South Australia as a better option.<ref>{{cite web|url=http://www.theaustralian.com.au/business/breaking-news/oswal-goes-cold-on-wa-solar/story-e6frg90f-1111119081142 |title=Oswal goes cold on solar plant, The Australian, Cath Hart, 10 Mar 2009 |publisher=theaustralian.com.au |accessdate=5 January 2012}}</ref>

==Taxing issues==
During the course of various Burrup litigations, there have been revelations of the Oswals significant Australian Tax liabilities. Radhika Oswal owes over $186 million to the ATO which is one of the largest personnal tax debts incurred in Australian history.<ref>{{cite web|url=http://afr.com/p/national/how_to_rack_up_tax_debt_l6sGtaPWJ8Goc1BJw13lBN |title=How to rack up a $186 million tax bill, The Australian Financial Review, Jonathan Barrett, 10 Oct. 2011 |publisher=Afr.com |accessdate=4 January 2012}}</ref> More recently another of Mrs Oswals companies, Comical Ali Militant Vegetarian was wound up due to unpaid taxes.<ref>{{cite web|url=http://www.menafn.com/qn_news_story.asp?StoryId={4ec652e9-a1d8-42e3-84b0-5c5094f5fd98} |title=Tax Office seeks to wind up another Oswal company,The Australian Financial Review, 22 Oct. 2011 |publisher=Menafn.com |accessdate=4 January 2012}}</ref>

== References ==
{{reflist|2}}

== Further sources ==
* http://www.theaustralian.com.au/business/companies/alleged-forgery-emerges-as-oswals-wife-sues-anz-over-unconscionable-publicity-threat/story-fn91v9q3-1226131726272
* http://www.perthnow.com.au/year-in-review-flop-of-the-year/story-fn6cmyjj-1226232762851
* http://www.firstpost.com/business/indian-tycoon-pankaj-oswal-accused-of-113-mn-corp-fraud-in-australia-101595.html#disqus_thread
* http://moneylife.in/article/media-ownership-biased-news/22754.html
* http://www.moneycontrol.com/stock-message-forum/oswalagromills/comments/3841#top_pos
* http://www.in.com/discuss/oswal-agro-mills_3841.html
* http://www.theaustralian.com.au/news/nation/oswal-fertiliser-firm-owns-3m-cruiser/story-e6frg6nf-1225975639188

{{Persondata <!-- Metadata: see [[Wikipedia:Persondata]]. -->
| NAME = Oswal, Pankaj
| ALTERNATIVE NAMES =
| SHORT DESCRIPTION =
| DATE OF BIRTH =
| PLACE OF BIRTH =
| DATE OF DEATH =
| PLACE OF DEATH =
}}
{{DEFAULTSORT:Oswal, Pankaj}}
[[Category:Australian people of Indian descent]]
[[Category:Australian billionaires]]
[[Category:Living people]]
[[Category:Australian businesspeople]]
[[Category:Indian businesspeople]]
[[Category:Businesspeople of Indian descent]]
[[Category:Manipal University alumni]]

[[fr:Pankaj Oswal]]

Revision as of 10:03, 25 January 2012

Pankaj Oswal is an Indian Australian businessman. He was the Chairman and Managing Director of Burrup Holdings Limited. BOY is a Perth based company and one of the world's largest liquid ammonia production companies.[1] Oswal has a fortune of over A$2 billion making him one of Australia's richest people.[2] He owns 55% of the equity capital of BOY.

Oswal arrived in Australia in 2001 from India.[3] In December 2010, the Oswal family departed Australia as their financial lender, ANZ bank, appointed receivers to Burrup Holdings Ltd.[4] With over $860 million at stake, this is ANZ's biggest single impaired asset. Initially the Oswals remained in India until it became clear that the long awaited Australian Indian extradition treaty was about to be formalised, at which time the Oswals moved to Dubai.[5] By mid 2011, when it became clear that the Oswals would not return to Perth, the receivers indicated that Burrup senior executives were to face public examination in an attempt to locate hidden assets.[6] Those executives included finance director, Raj Jeyarajah; legal council, Basil Lenzo; corporate director, Wolfgang Jovanovic; and commercial director, Vinojit Ambalavaner.[7] Vinojit Ambalavaner now resides in Cambodia where he is heading up the establishment of a new 2.2 billion fertiliser project for undisclosed investors.[8][9] After extensive investigations PPB referred allergations of a series of financial irregularities within the Burrup companies to the Australian Securities & Investments Commission.

Family background

Pankaj is the son of Aruna and Abhey (sometimes spelt Abhay) Kumar Oswal, grandson of Lala Vidya Sagar (Lala Ji) and Smt. Mohan Dai Oswal.[10] Pankaj grew up in India and studied at Manipal Institute of Technology. After graduating he worked for several of his father's enterprises.[11] Most notably Pankaj held senior management positions at Oswal Chemicals & Fertilisers Ltd when the company faced charges of a serious environmental nature.[12] As per the traditions of arranged marriages, Pankaj partnered with Radhika, the result of that union being two daughters. The family is Jain, with their spiritual advisor being Bhaishri Rameshbhai Oza.[13] The Oswals demonstrated support for Bhaishri by sponcering events and travel.[14] Pankaj, through the marriage of his sister Shallu, is brother-in-law to Naveen Jindal, an active Congress Lok Sabha Member.

Environmental issues – Burrup

The Burrup Peninsula/Murujuga is home to rare ancient rock art and drawings. Many interested parties and groups have strenuously lobbied for protection of this unique area.[15] Whilst under the control of Pankaj Oswal, there were several instances of environmental concern relating to the management and operation of the Burrup Fertilizer plant.[16] On 26 May 2006, there was an extensive toxic spill of approximately 79,000 litres of liquid aMDEA from the Burrup Fertiliser facility due to incorrectly set up equipment. Some of this chemical spill leached into the ecologically sensitive King Bay. Additionally, a large quantity of process gas along with aMDEA gas was released into the atmosphere.[17] There were growing concerns among the Pilbara community at the manner in which Mr Oswal, along with his partner Yara, dismissed environmental concerns and disregarded the significance of the rock art which is culturally important to the Aboriginal and Australian community.[18]

Litigation Prior to ANZ appointment of Receivers Dec 2010

Due to complex structuring of the Oswal group of companies, there have been some unusual and difficult legal matters presented to the courts, as various businesses attempted to resolve issues arising from their dealings with Pankaj Oswal. Litigation instigated by Paharpur Cooling Towers clearly demonstrates a complexity of contract arrangements.[19] Another curious case involved Mr Vikas Rambal who is a former friend and business partner of Pankaj Oswal.[20]

In 2006 Mr Rambal applied to the courts to put Burrup into the hands of receivers claiming financial irregularities by Pankaj Oswal and related third parties.[21] Additionally Rambal claimed that mismanagement contributed to safety breaches at the plant causing environmental problems. There were also claims that documents were falsified in relation to the plant completion date. The acrimonious split between Oswal and Rambal was eventually settled out of court. With the court case scheduled in Feb 2007, a confidential settlement was reached and Rambal went on to establish his own company, Perdaman Industries, within the year. During this same period, Yara instigated action to try to compel Oswal to sell his share of the company. Yara only ceased this action prior to the proposed float of Burrup Holdings. The stream of litigation continued with a real estate lease deal turned sour.[22] Court documentation revealed allergations by Fairworld Holdings that the Oswals had breached the Trades Practices Act by engaging in misleading and deceptive conduct during lease negotiations in 2007. In this particular case, both Pankaj and Radhika Oswal were subpoenaed to attend court, in order to answer intense questions relating to assets and validity of company minutes etc.[23][24] Growing media interest ensured wide spread coverage of this litigation.

Attempted Floats of Burrup Holdings (BOY) 2008

In mid 2008, a great deal of fanfare accompanied the promotion of upcoming float of Burrup Holdings Ltd. Overall reaction's from various market commentators were negative.[25] Some newspaper reports highlighted deficiencies in the prospectus document, which resulted in increased scruntiny of the float deal. The corporations act requires full disclosure of third party relationships and loans, however the BOY prospectus neglected to detail several loans to related companies registered in the British Virgin Islands and other overseas locations.[26] Various comment boards picked up on the negative aspects of the Oswal operation of Burrup Fertilisers Pty Ltd.[27] Ultimately, Pankaj Oswal called off the proposed float.[28] Given the companies subsequent trading figures, many commentators felt vindicated in their recommendations to avoid the BOY float.[29]

Norwegian ammonia trader Yara International were originally 30% share holders of Burrup Fertilisers due to a $100 million seed investment in the company. This share holding was to be sold down to 27% with the BOY float. After the float was called off, negotiations resulted in Yara increasing their share holding to 35% with, a payment of $141 million to Oswal in September 2008. Almost immediately, tensions in the Oswal and Yara relationship esculated into further court action when attempts were made by Pankaj to convert the unlisted Burrup from a public to proprietary company apparently to sidestep the reporting requirements of a public company.[30]

Lifestyle

Whilst living in Perth the Oswals embarked on a series of glittering events, the size and scale of which escalated with each passing year.[31] In courting the media the Oswals increased both their own public profile and that of Burrup Fertilisers.[32] The social pages of Perth newspapers regularly featured the Oswals.[33] The lifestyle included all the trappings of wealth including private jet, collection of 17 motor vehicles, homes in exclusive suburbs Mosman Park and Peppiment Grove, luxury yachts etc.[34] From 2008 as cracks began to appear in the Oswal empire, investigative journalists produced articles questioning aspects of the Burrup operation along with affiliated companies. Mrs Oswal attributed this negative media to racism.[35] Construction of a new residence in Peppiment Grove was to be the jewel in the crown for this socialite couple. Estimated cost of the endeavour,dubbed Taj on Swan, was to be between 55 million to 80 million once completed; and included 100 arches, 7 bedrooms, 11 bathrooms. beauty salon, gym, and telescope room. The proposed pool was to be 10 times larger than the average Perth backyard. This building project came to a halt when receivers PPB were appointed to Burrup in December 2010.[36] In the months preceding this, Radhika Oswal pushed ahead opening outlets for her proposed Otarian chain of vegetarian fast food stores.[37] Radhika Oswal oversaw details of the Otarian project right down to the creation of staff uniforms by her preferred couture designer Turun Tahiliani.[38]

Other Litigation

Early 2011, Limited Edition Luxury Homes started action to recover monies owed by the Oswals for construction costs on their extravagant new home dubbed "Taj on Swan".[39] The success of this court action was a hollow victory given that the Oswals had permanently departed Australia.[40] Administrators, PPB have claimed that funds were diverted from Burrup to finance the Oswals lifestyle and the Peppermint Grove building project.[41] The "Taj" remains unfinished and an eyesore.

Throughout 2011 the complicated web of litigation surrounding the Oswals produced many media headlines as previously unknown details were made public through court transcripts. In January 2012 a Federal Court judge found there appeared to be a lack of material to support a claim by Pankaj Oswal that he is owed $500 million from his former Burrup Fertilisers empire. During this hearing Mr Oswal was directed to put up $100,000 in security for legal costs should receivers prove their claim that the businessman stripped more than $200 million from Burrup.[42]

Response to activities of Pankaj Oswal – BurrupWatch

In some quarters there were growing concerns relating to the activities of Pankaj Oswal and Burrup Fertilisers Pty Ltd. In this age of social media the creator of Burrupwatch[43] provides constant news undates of those activities. Burrupwatch has in turn been recognised and cited in various media stories.[44]

Third Party Relationships

Over the years, speculation has been rife about the financial relationship of Pankaj's companies to the business operations of his father, Abhey Oswal.[45] In Australia and India, commentators have voiced concerns relating to the vague and incomplete details offered in the annual reports of companies operated by Oswal senior and Pankaj Oswal.[46][47] The myriad companies associated with the Oswal family extend across several continents. These ventures are all in differing transient stages of operation, with Oswal Overseas Ltd. taking prominence in 2008.[48] The push into the Indonesian coal market by Abhey's company, Oswal Overseas, co-insided with Pankaj's creation of the shipping company Maruti based in Singapore.[49] As with Burrup, ANZ became involved with the financing of Maruti Shipping.[50] The media started to focus on companies like Maruti, attempting to piece together an image of the Oswal web.[51] In the latter part of 2011 the Oswal family created another business identity by rebranding Oswal Chemicals & Fertilizers to Oswal Green Tech Ltd. It is under this mantle that they acquired 14.17% of Indian media entity New Delhi Television.[52][53]

The complexity of the Oswals company arrangements presents a jig-saw image to the outsider, nevertheless, PPB the administrators appointed to Burrup have detailed some interesting transactions.[54] There are approximately thirteen Burrup related litigations still before the courts. It is difficult to keep track of the deals involving Pankaj and Radhika Oswal due to their multiple forays into business partnerships and joint ventures.[55] There is a growing list of administrators dealing with various Oswal enterprises. Taylor Woodings became administrators for Oswal Developments in Feb 2011.[56] Another operation instigated by Radhika Oswal, Otarian, was subject to a winding up petition by a creditor, Fileturn, which forced the closure of the London outlets.[57][58] The financing arrangements for Otarian link back to another piece of the jigsaw, Oswal Projects based in Singapore.[59] The financial records for Otarian show approximately $7.5 million share capital being input from Oswal Projects.[60] PPB list a similar amount of money diverted from Burrup to Oswal Projects. Claims by PPB cite that Pankaj Oswal engaged in fraudulent practices whilst Director of Burrup, and the accusations are now before the courts.[61][62] If successful, these claims may elevate Pankaj Oswal to one of biggest frauds in Australian history.

Viability of Burrup Fertilisers Pty Ltd

On the basis of submissions made by Pankaj Oswal, the West Australian government invested over $135 million worth of infrastructure to assist in the establishment of the Burrup plant.[63][64] In the early stages of the project, had the W.A. Government investigated the varacity of Mr Oswals statements it may well have come to light that the Orissa Plant in India was subject to serious charges of both an environmental and financial nature.[65]

Cheap and plentiful supplies of gas are essential to the continued viability of the Burrup plant. The contracted gas suppliers are the Harriet Joint Venture partners Apache Corporation, Tap Oil Ltd, and Kuwait's Kufpec through their Varanus Island project. On going disputes and litigation relating to the gas supply are certainly hindering the Burrup sale process instigated by ANZ appointed receiver PPB.[66] Litigation includes claims of breaches in confidentiality by PPB relating to the contract gas price, which is interesting given that Pankaj Oswal often disclosed that information during media interviews.[67][68] Time will tell if the Burrup plant is destined to become a testament to exaggerated visions collapsing under poor groundwork and alleged fraud.

In December 2011 it was revealed that Apache had made a bid for the Burrup facility.[69] Yara have certain pre-emptive rights which must be exercised by Feb 2012. In any case it appears there will be a significant shortfall in recovery of the impaired debt amount owing to ANZ.[70] Radhika Oswal failed in her bid to stop the sale when the Victorian Supreme Court ruled against her.[71] It is not yet known if an appeal will be lodged by the Oswals against that decision.

List of Companies associated with Pankaj Oswal and family

Oswal Chemicals & Fertilisers (formally Bindal Agro),[72] Oswal Agro Mills Ltd.,[73][74] Oswal Agro Furane, Sohanaa International Pvt. Ltd, Oswal Spinning & Weaving Mills Ltd.,[75] Oswal Brasil Refinaria de Petroleo Brazil,[76] Lucky Star Entertainment,[77] Oswal Overseas Ltd.,[78] Oswal Group Global,[79] Oswal Projects Ltd.,[80] Paramount (WA) Ltd.,[81] Worldwide Projects,[82] Garuda Aviation,[83] Universal Projects FZE,[84] Otarian,[85] Maruti Shipping Pte.,[86] Maruti Investments Ltd, Maruti Logistics Pte Ltd, Oswal Oman Caustic FZCO (now The Saltic FZCO),[87] Petrochemical Holdings Pty Ltd.,[88] Biz Dev International Pty Ltd, Katz Investments, Perrera Investments, Murcury Ltd, Double Time Enterprises, Burrup Holdings Ltd[89] (Burrup Fertilizers Pty Ltd, BFPL[90] & Burrup Trust), Oswal Energy Pty Ltd, Oswal Resources Pty Ltd, Oswal Developments (OSDEV), Oswal Industrial Pty Ltd, Oswal Green Tech Ltd, Galaxy Projects FZCO, Comical Ali Militant Vegetarian Pty Ltd.[91]

By no means is this a conclusive list of companies with an Oswal association. There can be confusion due to the fact that the business names of Oswal companies often closely resemble other larger well regarded organisations. An example of this relates to Oswal Group that have no association with Pankaj and family.[92][93] Oswal Engineering Works are part of the Oswal Group, however there are also companies, Oswal Engineering Corporation[94] and then Oswal Engineering & Chemical Corporation which may have an association with Pankaj Oswal. Additionally the Oswal's frequently refer to their various companies in slightly different formats as time passes. To add to the confusion some of these businesses seem inactive, have been liquidated, or put into voluntary receivership, with investors often lacking accurate and up to date information.[95] Then there are other projects that have simply been abandoned, for example, Gladstone Oil Refinery.[96] Another major project that failed to get off the ground was a 1.5bn solar plant originally proposed for the Pilbara region before Oswal changed direction citing South Australia as a better option.[97]

Taxing issues

During the course of various Burrup litigations, there have been revelations of the Oswals significant Australian Tax liabilities. Radhika Oswal owes over $186 million to the ATO which is one of the largest personnal tax debts incurred in Australian history.[98] More recently another of Mrs Oswals companies, Comical Ali Militant Vegetarian was wound up due to unpaid taxes.[99]

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Further sources

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