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Category > Business & Finance Posted 19 Aug 2017 My Price 6.00

In 1986 Murrandoo, a successful property developer, needed finance for a new property development on the Gold Coast.

1. In 1986 Murrandoo, a successful property developer, needed finance for a new property development on the Gold Coast. He approached his bank and was told by the branch manager of the bank that a loan could be arranged in a foreign currency at a low rate of interest if he was interested. At a later meeting, another bank officer spoke about the advantages of such a loan in terms of it being good business for Murrandoo to borrow offshore: it was low in risk, and it wasn’t worth hedging such a loan against the Australian dollar, which was strong at that time. As a result of these conversations, Murrandoo borrowed the equivalent of A$1 million in Japanese yen. At the time of the loan, the exchange rate for the Australian dollar against the yen was 1:130. Over the next few years, the value of the Australian dollar fell against the yen to 1:65, effectively doubling Murrandoo’s debt to the bank. Has Murrandoo any recourse against the bank under the Australian Consumer Law?

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Martinakom
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Status NEW Posted 19 Aug 2017 01:08 PM My Price 6.00

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