ACCC to lay criminal cartel charges against ANZ

ACCC ASIC ANZ criminal investigation

1 June 2018
| By Nicholas Grove |
image
image
expand image

The Australian Competition and Consumer Commission (ACCC) said it expected criminal cartel charges to be laid by the Commonwealth Director of Public Prosecutions (CDPP) against ANZ, ANZ group treasurer Rick Moscati, two other companies, and several other individuals.

These charges would be laid following an investigation by the ACCC.

“The charges will involve alleged cartel arrangements relating to trading in ANZ shares following an ANZ institutional share placement in August 2015,” ACCC chairman Rod Sims said.

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

The ACCC said it would not make any further comment until charges are laid.

Earlier on Friday, ANZ said it had been notified by the CDPP about its intentions to commence proceedings against the bank relating to an arrangement allegedly made between in the joint lead managers of an institutional placement of around 80.8 million shares in August 2015.

“We believe ANZ acted in accordance with the law in relation to the placement and on that basis the bank intends to defend both the company and our employee,” ANZ chief risk officer Kevin Corbally said.

ANZ said it was also cooperating with an investigation by the Australian Securities and Investments Commission (ASIC) in relation to the placement.

ASIC was investigating whether an announcement by ANZ on 7 August 2015 should have stated that the joint lead managers took up approximately 25.5 million shares of the placement, representing around 0.91 per cent of the total shares on issue at the time.

ANZ said it would not be providing further comment at this time.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

51 minutes 36 seconds ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 5 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 3 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 6 hours ago