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Australian prosecutors drop cartel charges against Citi, Deutsche Bank -Breaking

by Mike Robinson

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© Reuters.

(Reuters) – Australian prosecutors dropped all charges against them Citigroup Inc (NYSE:), Deutsche Bank AG (NYSE:), and four top executives were charged with collusion in a share sale for 2015. Australia’s Competition regulator stated this Friday.

Two of the three “arrangements” between Citigroup Global Markets Australia (Australia) and other banks were used to conspire as a cartel in relation to the Australia-New Zealand Banking Group stock sale.

Mid-2017, Australia’s Competition and Consumer Commission referred the case the Commonwealth Director Of Public Prosecutions.

Prosecutors dropped all criminal charges against Stephen Roberts (the former chief of Citigroup Australia) and reduced their case against the bank, as well as other financial companies, last August.

Rod Sims, Chair of ACCC on Friday stated that “we respect the decision by the CDPP and will with them consider the lessons to be learned from this matter.”

Citigroup, Deutsche Bank (DE) and ANZ didn’t immediately reply to a request of comment.

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