Sydney Australia
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Australia ANZ Bank Sells All 5.2% Shares for $149 Million in Malaysia AmBank Group AMMB, ANZ Had Announced in 2021 to Write Down Value of AMMB, AMMB Paid $700 Million Settlement in 2021 for Involvement in Malaysia 1MDB Fund, AmBank Group Fined $13.2 Million by Malaysia Central Bank 

6th June 2024 | Hong Kong

Australia ANZ Bank has sold all 5.2% shares for $149 million in Malaysia AmBank Group (AMMB), after announcing in 2021 to write down value of AMMB.  In March 2021, AMMB Holdings (AmBank Group) agreed to a $700 million (MYR 2.83 billion) global settlement for AmBank Group’s involvement in Malaysia’s sovereign wealth fund 1MDB.  The $700 million (MYR 2.83 billion) settlement amount is in addition to the $13.2 million (MYR 53.7 million) penalty already imposed by Bank Negara Malaysia (BNM) and paid by the AmBank Group.  In May 2024, Malaysia sovereign wealth fund 1MDB has filed a lawsuit (7/5/24) in Malaysia against PetroSaudi Chief Investment Officer, Swiss & British national Patrick Mahony and UK law firm White & Case LLP for transferring at least $1.8 billion to Saudi oil exploration & production company PetroSaudi from 2009 to 2015.  In April 2024, Malaysia sovereign wealth fund 1MDB trial had started in Switzerland (2/4/24) for 2 individuals in $1.8 billion embezzlement & money-laundering case.  The 2 individuals are Swiss & Saudi National Tarek Obaid and Swiss & British National Patrick Mahony, who are accused of transferring at least $1.8 billion to Saudi oil exploration & production company PetroSaudi from 2009 to 2015.  Earlier in February 2024, former Malaysia Prime Minister Najib Razak 12-year jail sentence had been reduced to 6 years by the former Malaysia King, alongside a reduction of the $44 million fine.  In March 2023, a Malaysia court had acquitted former Malaysia Prime Minister Najib Razak of tampering 1MDB audit report charges in 2016, who is currently serving a 12-year jail sentence for $6.5 billion 1MDB corruption scandal with alleged mastermind Jho Low still missing.  1MDB President & CEO Arul Kanda was also acquitted of the charges (3/3/23).   In 2022 September, Former Malaysia Prime Minister Najib Razak’s wife Rosmah Mansor had been sentenced to 10 years jail and fined $216 million (RM 970 million) for bribery & corruption, with former Malaysia Prime Minister Najib separately beginning his 12 years jail for the $6.5 billion 1MDB fund guilty verdict.   Datin Sri Hajah Rosmah binti Mansor was found guilty for corruption for RM 1.25 billion solar energy project in Sarawak (Malaysia), soliciting RM 187.5 million from former Jepak Holdings Managing Director Saidi Abang Samsudin.  The Malaysian court has granted Rosmah Mansor request to suspend the jail sentence & fine pending appeal to the Malaysia Court of Appeal.  If Rosmah Mansor is unable to pay the $216 million (RM 970 million) fine, she will have to serve another 10 years in jail, after completing her 10 years jail-term.  In 2024 May, former Malaysia Prime Minister Najib Razak’s wife Rosmah Mansor received a lawsuit to pay $346 million for misappropriating 1MDB funds to buy luxury goods in around 320 payments including for jewelleries, watches & handbags.  In 2022, Datin Sri Hajah Rosmah binti Mansor had been sentenced to 10 years jail and fined $216 million (RM 970 million) for bribery & corruption, with former Malaysia Prime Minister Najib separately beginning his 12 years jail for the $6.5 billion 1MDB fund guilty verdict.  In March 2024, ANZ bank agreed to pay $37.4 million (AUD 57.5 million) in interest-free credit cards class action settlement for interest charged between 2010 to 2019, with the lawsuit filed by specialist litigation law firm Phi Finney Mcdonald focusing on group litigation & shareholder class actions.

“ Australia ANZ Bank Sells All 5.2% Shares for $149 Million in Malaysia AmBank Group AMMB, ANZ Had Announced in 2021 to Write Down Value of AMMB, AMMB Paid $700 Million Settlement in 2021 for Involvement in Malaysia 1MDB Fund, AmBank Group Fined $13.2 Million by Malaysia Central Bank “

 



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ANZ Bank to Pay $37.4 Million in Interest-Free Credit Cards Class Action Settlement for Interest Charged Between 2010 to 2019, Lawsuit by Specialist Litigation Law Firm Phi Finney McDonald Focusing on Group Litigation & Shareholder Class Actions

Sydney Australia

29th March 2024 – ANZ bank has agreed to pay $37.4 million (AUD 57.5 million) in interest-free credit cards class action settlement for interest charged between 2010 to 2019, with the lawsuit filed by specialist litigation law firm Phi Finney Mcdonald focusing on group litigation & shareholder class actions.  Phi Finney McDonald: “The claim alleges that during the Claim Period ANZ charged interest to customers retrospectively on credit card purchases that previously had the benefit of an interest-free period (Retrospective Interest). The claim further alleges that ANZ did not provide transparent instructions to its interest-free credit card customers of the manner in which it charged Retrospective Interest and that customers had no ability to determine the amount of Retrospective Interest they would pay.  From 1 January 2019, Parliament prohibited the practice of charging of Retrospective Interest by amendment to the National Consumer Credit Protection Act 2009 (Cth) by the Treasury Laws Amendment (Banking Measures No.1) Bill 2018.  The proceeding alleges that ANZ’s credit card contract terms were unfair terms pursuant to sections 12BF and 12BG of the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act) because ANZ 1) charged Retrospective Interest; 2) charged interest on purchases paid off in a timely manner by the cardholder; 3) did not provide cardholders with the ability to calculate their potential interest charges; and 4) obfuscated the interest charging mechanisms within ANZ relevant credit card contracts, preventing the cardholder from being able to understand the interest consequences of not paying off the entirety of their closing balance … … Phi Finney McDonald acts for the Representative Applicant, Daniel Tour, and Australia and New Zealand Banking Group Limited (ACN 005 357 522) (ANZ) credit card holders who were charged interest by ANZ from 1 July 2010 to 31 December 2018 (Claim Period) in a class action against ANZ.  The class action, filed in the Federal Court of Australia, alleges that ANZ’s “interest-free” credit card contracts contained unfair terms and that ANZ engaged in unconscionable conduct causing loss and damage to ANZ credit card holders. Woodsford Litigation Funding is providing financing for the class action.”  ANZ: “ANZ today announced it has reached an agreement to settle a class action brought against it by Phi Finney McDonald in 2021.  The class action related to certain interest charged on certain ANZ personal credit cards in the period from 1 July 2010 to 1 January 2019.  ANZ will pay $57.5m in the settlement, which is covered by a provision held at 30 September 2023. The settlement is without admission of liability and remains subject to court approval.”




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