Perth millionaire Pankaj Oswal to sell luxury toys as receivers chase $360 million in debt

Perth-based entrepreneur Pankaj Oswal is expected to place his luxury car collection up for sale as he battles to save his empire, the cornerstone of which is one of the world’s largest fertiliser plants.

Receivers from insolvency firm PBB were appointed to Oswal’s Burrup Fertilisers in late December after an ongoing dispute between Oswal and Norwegian joint venture partner Yara, which has a 35% stake in the West Australian fertiliser plant.

ANZ Bank, which has an $800 million exposure to Oswal’s empire in total and a $360 million exposure specifically related to his 65% stake in Burrup Fertilisers, called in receivers after “evidence of financial irregularities” was uncovered in the dispute between Oswal and Yara.

Oswal flew to India shortly after the appointment of receivers, but has pledged to return to Perth in the next few weeks to meet with receivers.

While PBB receiver Ian Carson told the Australian Financial Review he had received an “avalanche of interest globally” in the Oswal’s stake in the profitable Burrup Fertiliser business from private equity players, other fertiliser companies and petrochemical firms, Oswal woes might not be fixed by the sale.

Another company associated with his empire, Garuda Aviation has also been placed in receivership by the Commonwealth Bank. Its main asset is a $30 million Gulfstream corporate jet.

Oswal has also put his uncompleted Perth mansion, said to be worth $70 million, on the market. Situated in the luxury enclave of Peppermint Grove, the property is known locally as the Taj Mahal due to its distinctive sub-continental appearance.

Oswal has said he is willing to sell if the price – expected to be as much as $40 million – is right. His 17-car luxury vehicle collection is also tipped to be up for sale.

Owsal and his wife Radhika are controversial figures in Perth.

In March, the pair had a run in with Perth’s militant Construction, Forestry, Mining and Energy Union after the consumption of meat on the building site of their uncompleted mansion.

The Oswals own two fast-food vegetarian restaurants and Radhika has previously been a vocal critic of the meat industry.