ANZ, Citigroup, Deutsche Bank hit with criminal charges

Some of Australia's biggest banks, including ANZ, have been hit with criminal charges over alleged cartel conduct. Photo / 123RF

Australia's competition regulator said that criminal charges had been laid against Australia and New Zealand Banking Group, a local unit of Citigroup and Deutsche Bank relating to cartel offences over a A$2.3 billion share issue.

Criminal charges have also been laid against several senior executives such as ANZ Treasurer Rick Moscati, Citigroup's John McLean, Itay Tuchman and Stephen Roberts, as well as Michael Ormaechea and Michael Richardson, both formerly of Deutsche Bank.

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

The cartel conduct is alleged to have taken place following an ANZ institutional share placement in August 2015.

"These serious charges are the result of an ACCC investigation that has been running for more than two years," ACCC Chairman Rod Sims said.

"Charges have now been laid by the Commonwealth Director of Public Prosecutions and the matter will be determined by the Court."

The matter is listed before the Downing Centre Local Court in Sydney, July 3.