Burrup receivers chase cars, yachts and land

But a detailed account of their findings is not expected to be made public for some time. Because Burrup is a private company, and ANZ is effectively the only creditor, the receivers, led by PPB's Ian Carson, are not expected to make their formal reports publicly available.

Mr Carson said yesterday the receivers were preparing a report for the Australian Securities and Investments Commission "at the earliest opportunity".

He confirmed that the receivers were pursuing claims over cars, two luxury yachts and land holdings on behalf of Burrup. The receivers also dumped several employees at the company's head office who were apparently not actually working for Burrup.

Only a brief comment was made on the non-appearance of Burrup founder Pankaj Oswal, who left Perth on his private jet as the receivers were appointed last month, and confirmed over the weekend that he would not return to Australia.

"While it would assist the receivers if Mr and Mrs Oswal were in the country, the receivers remain confident they can conclude their investigations satisfactorily."

Last year Mr Oswal denied allegations Burrup funds were used for his private business interests. Yesterday, he hit back against allegations of "financial irregularities" at Burrup, saying it centred on a fee he was paid in return for personal guarantees provided to Burrup.

"It is misleading and cynical of the receiver and Yara to describe this guarantee fee as a 'financial irregularity' and 'siphoning of funds' as 80 per cent of this guarantee fee has been used to repay ANZ loans," Mr Oswal said.

The receivers were appointed by ANZ, which is owed $360 million by Burrup and another $500 million by separate business interests of the Oswal family.

The bank is attempting to recoup its entire loan against the Oswal's 65 per cent stake in Burrup, which is being prepared for sale.

The receivers and their advisers from Flagstaff Partners said they were undertaking extensive vendor due diligence to prepare the assets for sale. "Whilst the receivers have not yet formally called for expressions of interest, over 20 serious inquiries have been received from various parties around the world and the receivers are considering a range of options for the sale process," they said.

The sale was given a boost this week when Western Australia's Environmental Protection Authority approved plans for the development of a technical ammonia nitrate plant (TAN) by Burrup and its shareholder, Yara International.

Yara, expected to bid for the 65 per cent of Burrup it does not own, said it remained a strong supporter of the project.

"The various agreements which Yara has in place with Burrup in relation to the TAN project are unaffected by recent developments," the company said.