A court's been told the culture of the ANZ bank endorsed racial bigotry.
The court heard how a senior executive of the bank dealing with Indian business couple Pankaj and Radhika Oswal, wrote an email to then ANZ CEO calling the couple 'Indians with no moral compass'.
Radhika and Pankaj Oswal Source: News Corp Australia
Mr Oswal's barrister Tony Bannon SC says ANZ's former chief risk officer Chris Page felt personal animosity towards the Oswals in part because in his mind they had character flaws he thought were particularly Indian.
In an email to then ANZ CEO Michael Smith in 2009 read to the Victorian Supreme Court, Mr Page said the bank was dealing with "two very unsavoury characters" and "Indians with no moral compass".
He said it was alarming that a senior officer at a large bank would have such thoughts, that he put it in writing and that he could send it to the chief executive without fear of rebuke.
“[It] betrayed what indeed was the true culture which was acceptable to a senior manager of the bank,” Bannon said.
Bannon said there was no rebuke from Smith, who told Page: “Well done. I guess we need to keep the pressure on. What a bunch.”
The bank bore animosity towards Pankaj Oswal and Page held the businessman in contempt, Bannon said.
The court heard that ANZ and others would allege misconduct by Oswal before receivers were appointed to the Burrup business. Pankaj Oswal has been accused of misappropriating tens of millions of dollars, which he denies.
Mr Bannon will continue his opening address today.
