Indian businessman Pankaj Oswal misappropriated more than $150 million in company funds for his Perth homes, a vegetarian restaurant chain, luxury cars and planes, a court has heard.
The money went to the Oswals' Dalkeith home, the construction of what was to be a $70 million Peppermint Grove mansion dubbed the "Taj on the Swan" that was never completed, a boat and cars including an Aston Martin and Mercedes Benz, a trial heard.
Philip Solomon QC, counsel for ANZ, said funds were also used for aircraft, including paying for Mr Oswal's wife Radhika, one of their daughters and a friend to fly halfway up the West Australian coast for a birthday party.
The Victorian Supreme Court on Monday heard more than $11 million went towards the construction of the Peppermint Grove residence and $8 million to Mrs Oswal's Otarian vegetarian restaurant chain that operated in London and New York.
Mr Solomon said Mr Oswal authorised the removal of more than $150 million over a three-year period from the accounts of Yara Pilbara Fertilisers (previously known as Burrup Fertilisers), in payments that were not for the company's use.
"Almost all of the $150 million personally benefited Pankaj Oswal and Radhika Oswal," Mr Solomon told the court.
He said private farming properties, property developments, mining ventures, vegetarian restaurants, boats and the like were not Fertilisers' assets.
He said the payments escalated dramatically in the year before receivers were appointed in December 2010, after Mr Oswal obtained what Mr Solomon called a "stay of execution" in relation to his control over the WA ammonia plant.
More than $100 million was removed from the company in the 359 days before receivers were brought in, said Mr Solomon, who is representing the company.
Mr Solomon said $60 million was paid to the Burrup trust, of which Mr Oswal was trustee.
