Borrow
Prosecutor drops all charges in ANZ cartel case
The Australian Competition and Consumer Commission’s (ACCC) charges against Citi, Deutsche Bank, and four senior executives in relation to alleged criminal cartel activity arising from an ANZ institutional share placement in August 2015 have been dropped.
Prosecutor drops all charges in ANZ cartel case
The Australian Competition and Consumer Commission’s (ACCC) charges against Citi, Deutsche Bank, and four senior executives in relation to alleged criminal cartel activity arising from an ANZ institutional share placement in August 2015 have been dropped.
The Commonwealth Director of Public Prosecutions (CDPP) on Friday (11 February) informed Citigroup, Deutsche Bank, and four senior banking executives that all charges against them, in relation to criminal cartel allegations arising from an ANZ institutional share placement in August 2015, had been dropped.
In a statement issued by the ACCC, the competition watchdog said it respects the independent decision of the CDPP and that it intends to “consider what lessons can be learnt from this matter”.
The charges involved alleged cartel arrangements relating to trading in ANZ shares held by Deutsche Bank and Citigroup.
This conduct was investigated by the ACCC and, in mid-2017, was referred to the CDPP, who decided to bring criminal cartel charges.
The competition watchdog had investigated the matter for more than two years prior to referring it to CDPP.
ANZ, Citi and Deutsche Bank all denied the charges and said they would “vigorously defend” themselves and their employees.
“We considered that the alleged conduct stood to damage competition and the Australian economy. That is why the ACCC investigated this conduct and referred the evidence to the CDPP,” ACCC chair Rod Sims said on Friday.
“The Office of the CDPP assessed the evidence very carefully and, as required by law, made an independent decision to prosecute based at all times on an application of the Prosecution Policy of the Commonwealth,” Mr Sims continued.
He acknowledged the challenges involved in bringing criminal cartel prosecutions, particularly due to the complexity of the cartel laws, but assured that the ACCC would “continue our efforts to deter, detect and dismantle cartels”.
“That is our role and we will continue to fulfil it, even though not all briefs of evidence given to the CDPP will result in the laying of charges or convictions.”
The CDPP’s latest decision follows its dismissal of charges against ANZ and its former group treasurer Rick Moscati in October.
“We maintained all along ANZ acted in accordance with the law in relation to the placement,” ANZ chief risk officer Kevin Corbally said at the time.
“We defended the bank and Rick on that basis and we are pleased the matter is now behind us.”
Earlier, in August, all charges against ex-Citi country head Stephen Roberts, who was accused of two charges of violating laws to prevent cartel activity, were also dropped.
About the author
About the author
Banking
Open Banking data proves superior to screen scraping, Frollo study reveals
Frollo, a leading Open Banking provider in Australia, has published a study demonstrating the superior quality of data obtained through Open Banking compared to traditional screen scraping methods, ...Read more
Banking
Global banknote study reveals gender disparity: Only 7.54% depict women
A recent study by TradersBest has uncovered a significant gender disparity on the world's banknotes, with findings indicating that out of 716 individuals featured across 115 countries, only 54 are ...Read more
Banking
JPMorgan Chase leads the global banking sector in AI adoption, outpacing rivals
A recent study indicated that JPMorgan Chase has positioned itself as the leading force among financial institutions embracing artificial intelligence (AI) for enhancing customer satisfaction and ...Read more
Banking
Exact Payments acknowledged as a leading payments ISV by the Electronic Transactions Association
The Electronic Transactions Association (ETA), a prominent advocacy and trade association for the payments industry, has recognized Exact Payments as one of the Top 10 Payments Independent Software ...Read more
Banking
The future of digital banking in Australia: Trends and implications for investors
As technology continues to reshape our lives, its influence on the financial sector is particularly transformative. One sector at the epicentre of this change is banking. Read more
Banking
ANZ sued for allegedly misleading customers
The corporate regulator has commenced civil proceedings in Federal Court. Read more
Banking
Banks report $14.4bn profit amid pressure on net interest margins
Australia’s major banks have reported a significant boost to their bottom lines and returns in the first half of the 2022 financial year, signaling sector-wide resilience despite persistent pressure ...Read more
Banking
Major banks report rising profits
NAB and ANZ announced their half-year results this week. Read more
Banking
Open Banking data proves superior to screen scraping, Frollo study reveals
Frollo, a leading Open Banking provider in Australia, has published a study demonstrating the superior quality of data obtained through Open Banking compared to traditional screen scraping methods, ...Read more
Banking
Global banknote study reveals gender disparity: Only 7.54% depict women
A recent study by TradersBest has uncovered a significant gender disparity on the world's banknotes, with findings indicating that out of 716 individuals featured across 115 countries, only 54 are ...Read more
Banking
JPMorgan Chase leads the global banking sector in AI adoption, outpacing rivals
A recent study indicated that JPMorgan Chase has positioned itself as the leading force among financial institutions embracing artificial intelligence (AI) for enhancing customer satisfaction and ...Read more
Banking
Exact Payments acknowledged as a leading payments ISV by the Electronic Transactions Association
The Electronic Transactions Association (ETA), a prominent advocacy and trade association for the payments industry, has recognized Exact Payments as one of the Top 10 Payments Independent Software ...Read more
Banking
The future of digital banking in Australia: Trends and implications for investors
As technology continues to reshape our lives, its influence on the financial sector is particularly transformative. One sector at the epicentre of this change is banking. Read more
Banking
ANZ sued for allegedly misleading customers
The corporate regulator has commenced civil proceedings in Federal Court. Read more
Banking
Banks report $14.4bn profit amid pressure on net interest margins
Australia’s major banks have reported a significant boost to their bottom lines and returns in the first half of the 2022 financial year, signaling sector-wide resilience despite persistent pressure ...Read more
Banking
Major banks report rising profits
NAB and ANZ announced their half-year results this week. Read more