Australia and New Zealand Banking Group Ltd (ANZ), Citigroup Global Markets Australia Pty Limited (Citigroup), Deutsche Bank AG (Deutsche Bank) and six senior banking executives have today all been committed to the Federal Court of Australia for trial on criminal cartel charges.
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 today 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 (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.
“As this matter involves criminal charges, we will not be commenting further at this time,” ACCC Chair Rod Sims said.
The matter will be heard in the Federal Court at a later date.
