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ANZ wins court decision over sale of OPES sha -

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ANZ wins court decision over sale of OPES shares

Broadcast: 03/05/2008

Reporter: Virginia Trioli

The ANZ bank has won the first round of an important test case over the ownership of shares held by
the failed stockbroking firm, Opes Prime.

Transcript

VIRGINIA TRIOLI, PRESENTER: The ANZ Bank has won the first round of an important test case over the
ownership of shares held by the failed stockbroking firm Opes Prime.

The ANZ was Opes Prime's major financial backer and it began selling off hundreds of millions of
dollars worth of shares when the company collapsed.

Melbourne businessman Paul Choiselat's company Beaconwood Securities took the ANZ to the Federal
Court, saying the bank didn't have the right to sell the shares that his company held with Opes
Prime.

But today, Justice Ray Finkelstein found the bank could.

PENNY PENGILLEY, LAWYER FOR BECONWOOD: It's very much only the first stage in this litigation for
my client. We have to look at the judgment and decide whether or not we should appeal, but in any
event, we have a number of other arguments to make.

VIRGINIA TRIOLI: The ruling is a setback for investors seeking compensation for millions of collars
worth of shares managed by Opes Prime.