The former CEO of Citigroup in Australia and Deutsche Bank's former head of Australia are among senior bank executives facing charges for alleged offenses against cartel laws.
The Australian Competition and Consumer Commission, or ACCC, has charged a number of high-profile bank executives from ANZ Bank, Deutsche Bank and Citigroup for offenses against the country's cartel laws. Following an investigation, charges have now been laid against John McLean, Itay Tuchman and Stephen Roberts of Citigroup; Michael Ormaechea and Michael Richardson formerly of Deutsche Bank; and Rick Moscati of ANZ, ACCC said in a statement on its website.
The charges relate to trading in ANZ shares following a share placement with institutional investors in August 2015. In bringing charges, prosecutors will claim that ANZ and the other companies and other individuals were «knowingly concerned in alleged cartel conduct» in relation to the share offer.
Protracted Investigation
Representatives of the banks and the executives alleged to have engaged in cartel conduct have been called to appear at the Downing Centre Local Court in Sydney on July 3 for what is expected to be a largely procedural hearing.
ACCC Chairman Rod Sims said the serious charges had followed an investigation that had been running for more than two years. Under Australian cartel laws, companies can be fined as much as 10 percent of their turnover or three times the profit gained, while executives face jail terms of as much as 10 years if found guilty.
