ANZ faces criminal charges, Deutsche Bank in firing line

[nitpicker]

http://www.dw.com/en/anz-faces-criminal-charges-deutsche-bank-in-firing-line/a-44031258

ANZ faces criminal charges, Deutsche Bank in firing line

Australian banking was in shock on Friday after its third biggest lender was hit with criminal charges over share issues. Deutsche Bank and Citigroup are also in the firing line over the allegations of wrongdoing. The Australia and New Zealand Banking Group (ANZ) is to face criminal cartel charges in Australia over a $1.9 billion (€1.62 billion) share issue made in 2015.

Deutsche Bank and Citigroup, two of ANZ's three underwriters for the stock issue, announced in separate statements they expected to be also charged. Federal prosecutors in Australia confirmed later on Friday that Deutsche Bank and Citigroup would indeed face charges. All three banks deny any wrongdoing. JP Morgan was the third underwriter in the issue but has not been accused of anything untoward.

The criminal charges have arisen following an investigation from the Australian Competition and Consumer Commission (ACCC), with federal prosecutors in the country alleging that illegal actions were carried out knowingly by ANZ.

"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 in a statement. "It will be alleged that ANZ and the individuals were knowingly concerned in some or all of the conduct."
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