ANZ, Citi, Deutsche Bank Criminal Charges

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ANZ, Citi, Deutsche Bank and Individuals Faces Criminal Charges in Australia for Possible Cartel in 2015 ANZ Share Placement

ANZ, Citi and Deutsche Bank will face criminal charges in Australia, laid by the Commonwealth Director of Public Prosecutions (CDPP) against ANZ, its Group Treasurer Rick Moscati, Deutsche Bank, Citigroup Global Markets Australia and a number of individuals for possible cartel conduct (price-fixing) in ANZ’s 2015 share placement.

” ANZ, Citi, Deutsche Bank and Individuals Faces Criminal Charges in Australia for Possible Cartel in 2015 ANZ Share Placement ”

The Commonwealth Director of Public Prosecutions (CDPP) advised have advised ANZ it will commence proceedings against the bank for cartel conduct (price-fixing) by the joint lead managers of ANZ’s instituitonal share placement of around 80.8 million shares in August 2015. (The joint lead managers had also not stated they have took up around 25.5 million shares (0.91%) of the total shares issued).

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ANZ, Citi, Deutsche Bank, ANZ Group Treasurer Rick Moscati and other individuals will face criminal charges for alleged cartel arrangements (price-fixing) in trading of ANZ shares following an institutional share placement, after a rights-issue was completed.

Australian Competition and Consumer Commission (ACCC) Chairman Rod Sim:

“The charges will involve alleged cartel arrangements relating to trading in ANZ shares following an ANZ institutional share placement in August 2015″

ANZ Chief Risk Officer Kevin Corbally:

“We believe ANZ acted in accordance with the law in relation to the placement and on that basis the bank intends to defend both the company and our employee.”

Background

The Australian Competition and Consumer Commission (ACCC) investigates cartel conduct, manages the immunity process and, in respect of civil cartel contraventions, takes proceedings in the Federal Court of Australia.

The Commonwealth Director of Public Prosecutions (CDPP) is responsible for prosecuting criminal cartel offences in accordance with the Prosecution Policy of the Commonwealth. The ACCC refers serious cartel conduct to the CDPP for consideration of prosecution in accordance with the Memorandum of Understanding between the CDPP and the ACCC regarding Serious Cartel Conduct.

Source: ACCC, ACCC, ANZ