Fertiliser tycoon Oswal’s luxury cars up for grabs in Perth auction following asset freeze

Thursday, February 17, 2011

PERTH - Indian billionaire Pankaj Oswal, who runs Burrup Fertilisers Pty Ltd (BFPL) in Pilbara, has said that he will fight the Commonwealth Bank’s attempts to freeze his Australian assets, accusing the bank of seizing his Gulfstream private jet over a “technicality”.

Luxury cars belonging to the company of former fertiliser king Oswal will go under the hammer next week, amid more drama in the ongoing saga over the tycoon’s Australian assets.

The four cars - a 2007 Bentley Continental GTC Convertible, a Porsche Cayenne Turbo, and two Mercedes 5-series - will go on the block next Thursday, the first assets to be sold by the receivers to Oswal’s Burrup Fertiliser empire, Perth Now reports.

Auctioneer’s Mannheim described the cars as the stars of the 40-car luxury auction, which also includes a range of other high-end cars and bikes.

The announcement of the auction came as Oswal’s lawyers won a weeklong stay to a Supreme Court order forcing him to disclose the extent of his remaining Australian assets, Perth Now reports.

Two weeks ago Oswal’s local assets were frozen on the application of the Commonwealth Bank, after the bank sent another of Oswal’s private companies into receivership and seized a private Gulfstream jet, which was the company’s major asset.

The bank is trying to recover 18 million dollars still owed by private Oswal company Garuda Aviation, part of a loan used to buy the jet which was then allegedly leased to Burrup Fertilisers.

Justice Rene Le Miere froze Oswal’s assets on February 2, and ordered the controversial businessman to give a full accounting of his Australian assets to the court by today’s follow up hearing, Perth Now reports. (ANI)

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