ANZ sued over Opes share ownership

The ANZ Bank is being sued by an Opes Prime client who says that the bank had a legal obligation to disclose its ownership of shares. Following the collapse of Opes Prime, it has been revealed that ANZ held stakes of more than 5 per cent in over 90 companies through margin loan arrangements. Damages are being sought by the managing director of Conquest Mining, John Terpu, who says that if ANZ had notified the Australian Securities Commission of its ownership of the shares he would have been aware of the bank's claim over them. The Corporations Act requires that companies submit substantial shareholder notices if they own more than 5 per cent of the shares in any company.

Source: Sydney Morning Herald

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