Friday, 1 June 2018

Financial institutions ANZ, Deutsche Bank and Citigroup face 'criminal cartel' charges



Financial institutions ANZ, Deutsche Bank and Citigroup will be prosecuted on criminal cartel charges, Australia's consumer watchdog says.

 
The allegations concern arrangements for the sale of A$2.5bn (£1.4bn; $1.9bn) worth of ANZ shares in 2015.


The three banks said they would fight the charges. ANZ said it would also defend allegations against an employee.


Australia's scandal-plagued financial sector is at the centre of a national inquiry into misconduct.


Several "other individuals" are also expected to be charged by prosecutors, the Australian Competition and Consumer Commission (ACCC) said.
"The charges will involve alleged cartel arrangements relating to trading in ANZ shares following an ANZ institutional share placement in August 2015," chairman Rod Sims said in a statement.


"It will be alleged that ANZ and the individuals were knowingly concerned in some or all of the conduct."


The consumer watchdog said it would not provide further details at this stage.




BBC        News.