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ANZ hit by two new claims over Grindlays

ANZ hit by two new claims over Grindlays

(Australia) - ANZ Banking Group has revealed it has been hit with two new claims involving its former subsidiary Grindlays, which was sold to Standard Chartered in 2000 for A$2.2 billion. As part of the deal, ANZ signed a string of indemnity agreements immunising StanChart from ongoing legal actions and Grindlays tax liabilities in India, and other countries where the bank operated.

ANZ established a A$575 million special provision in 2000 to cover exposure to Grindlays, which was implicated in an Indian stock market scandal in the early 1990's.

ANZ spokesman Paul Edwards confirmed that StanChart had recently activated several indemnities to cover two additional claims brought against Grindlays.

ANZ settled a long running Grindlays related case with the National Housing Bank of India in March.
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