tuesday, 5 june of 2018

Australia charges former local heads of Citi, Deutsche, ANZ in cartel case

Australian authorities have charged the former local bosses of Citigroup Inc and Deutsche Bank AG with “criminal cartel offences” over a $2.3 billion stock issue, one of the country’s biggest cases of alleged white-collar crime.

The tally of names disclosed on Tuesday showed the ambition of newly empowered antitrust regulator, the Australian Competition and Consumer Commission (ACCC), which revealed on Friday it planned to seek charges against the investment banks over a 2015 share-raising for Australia and New Zealand Banking Group Ltd (ANZ), plus ANZ itself.

The regulator said charges over the share placement have been laid against Citi’s former Australia head Stephen Roberts, its current local head of capital markets John McLean and its London-based head of foreign exchange trading Itay Tuchman, along with Deutsche’s former local chief Michael Ormaechea and former local capital markets head Michael Richardson.

It said charges were also laid against ANZ, its treasurer Rick Moscati, as well as the two investment banks.

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(Published by Reuters, June 5, 2018)

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