We’ve just heard that Westpac Banking Corp (WBC.AX), has requested a halt to the trading of its shares today until Thursday, pending the outcome of a court case in New Zealand.
On July 17 the National Business Review reported:
“Westpac faces the largest potential bill of $903 million in the structured finance transaction tax cases being fought in New Zealand, analysts say.
Yesterday BNZ, a subsidiary of National Australia Bank, lost its case in the Wellington High Court involving $654m in unpaid tax and interest but said it is likely to appeal.
Westpac is currently involved in its trial, which commenced on June 30 in the High Court in Auckland. Westpac said it was not appropriate to comment on the BNZ decision….
ANZ has $562m in dispute, Commonwealth Bank of Australia, which owns ASB, has $280m in dispute and Westpac $903m in dispute, according to a report by UBS analysts.”