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Smoke and mirrors cost ANZ

Discussion in 'Finance & Banking' started by Tropo, 11th Aug, 2008.

  1. Tropo

    Tropo Well-Known Member

    Joined:
    17th Aug, 2005
    Posts:
    3,396
    Location:
    NSW
    11/08/08
    Smoke and mirrors cost ANZ

    ANZ is the biggest loser from the spectacular failure of electronic payments company Bill Express.
    As a result of margin lending activities ANZ is estimated to have lost $53 million.
    Close to 15,000 outlets, hundreds of staff as well as ANZ, Optus, Vodafone, Telstra, Gerry Harvey and Lindsay Fox are listed as creditors to Bill Express or its related listed entity OnQ, formerly known as Australian Pure Fruits.
    One year ago the company had one billion in revenue, largely from its mobile phone recharge business, franchised to newsagents.
    Bill Express administrator PPB says financial smoke and mirrors have been used to slip $250 million through a web of private companies related to OnQ directors Hal and Ian Christiansen.

    Source: The Age