ACCC: ANZ, Citigroup, Deutsche Bank Committed To Federal Court For Trial On Criminal Cartel Charges

The Australian Competition and Consumer Commission or ACCC announced Tuesday that certain major banks and senior banking executives have all been committed to the Federal Court of Australia for trial on criminal cartel charges.

In a statement, the agency noted that Australia and New Zealand Banking Group Ltd or ANZ, Citigroup Global Markets Australia Pty Limited, Deutsche Bank AG and six senior banking executives were committed for trial.

The banks and the executives, John McLean, Rick Moscati, Michael Ormaechea, Michael Richardson, Stephen Roberts and Itay Tuchman, were committed from the NSW Local Court in Sydney following committal proceedings.

Citigroup, Deutsche Bank, ANZ and the executives were charged in June 2018 following an ACCC investigation. The prosecution is being conducted by the Commonwealth Director of Public Prosecutions or CDPP.

The charges involve alleged cartel arrangements in 2015 relating to trading in ANZ shares held by Deutsche Bank and Citigroup. ANZ and each of the executives charged are alleged to have been knowingly concerned in some or all of the alleged conduct.

ACCC Chair Rod Sims said, "As this matter involves criminal charges, we will not be commenting further at this time."

The matter will be heard in the Federal Court at a later date.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Domino's Pizza Inc., the largest pizza company in the world, is offering customers 50 percent off all menu-priced pizzas ordered online today through June 11 ahead of summer. The weeklong 50 percent off online deal is available on menu-priced pizzas ordered through Domino's online ordering channels. These include www.dominos.com, Domino's mobile app, Amazon Alexa, Google Home, Facebook Messenger.. J.T.M. Provisions Co. is recalling around 22,530 pounds of frozen, ready-to-eat beef chili with beans products distributed to schools, the U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS announced. The recalled ietms may be contaminated with extraneous materials, specifically white plastic. Boeing and NASA announced further delay in the much expected launch of Starliner Crew Flight to the International Space Station following certain emerging issues with the capsule. Boeing has been developing its Starliner spacecraft after winning nearly $5 billion in contracts under NASA's Commercial Crew Program. Starliner's first crewed flight was earlier prepared for an April launch.
Follow RTT