'Oswals close to settlement with ANZ bank'

The Oswals are suing the ANZ Bank and the receivers for $2.5 billion over the "forced" sale of their share in Burrup Holdings.

Radhika and Pankaj Oswal Source: News Corp Australia

Indian billionaire couple Radhika and Pankaj Oswal are reportedly close to a settling their $2.5 billion legal dispute with ANZ Bank.

News agency AAP has reported that the Oswals and ANZ bank are continuing talks and may be close to a settlement.

The Oswals are pursuing the bank and receivers PPB Advisory for $2.5 billion in damages in the biggest lawsuit in Australia over the “forced sale” of their share in Burrup Holdings for $560 million in 2012.

Radhika Oswal with her daughter on Tuesday Source: AAP

Mrs. Oswal told the Victorian Supreme Court on Wednesday that she was forced to stand guarantee for her husband’s debt of over a hundred million dollar. She told the court that she faced death threats and was told that her “children could be orphans”.

The hearing was to continue on Thursday and Radhika Oswal was to be cross-examined. But it has been delayed.

The Oswals say ANZ bank pressured them to sell their share for less than half its value and ANZ chief risk officer Chris Page told Mr. Oswal to “bloody well sign the documents or we will destroy you” during negotiations in 2009.