News in Brief - Caproasia Online

Caproasia.com | The leading source of data, research, information & resource for financial professionals, institutional investors, professional investors and private investors (UHNWs, & HNWs). Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?

This site is for accredited investors, professional investors and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion.


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).

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

 

Caproasia Platforms:

Caproasia Events & Coverage:



Caproasia.com | The leading financial website for financial professionals, professional investors and HNW investors. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Quicklinks: Caproasia Access | TFC | Caproasia | Jobs








Join 14,000+ leading financial professionals and professional investors in Asia. Stay ahead of your peers & competition. Receive Caproasia newsletter here.
Managing $20 million to $3 billion? Register here: Financial Professionals
.
Visit Access | Daily homepage for financial professionals & professional investors.

Register: Professional Investors | CEOs & Entrepreneurs


For press release, email to press@caproasia.com
For editorial, media kit, listing on TFC, events, seminars or research & data services, email to mail@caproasia.com