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Australian authorities charge ANZ, Deutsche Bank, Citi in criminal cartel case

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Australian authorities charge ANZ, Deutsche Bank, Citi in criminal cartel case

Australian authorities have charged Australia & New Zealand Banking Group Ltd., Deutsche Bank AG and Citigroup Global Markets Australia Pty Ltd. with criminal cartel offences in relation to a share placement by ANZ in 2015.

The country's regulators have questioned whether ANZ should have stated that the joint lead managers of the placement took up approximately 25.5 million shares in the offering. Deutsche Bank and Citigroup were two of the underwriters for the deal.

Criminal charges have also been laid against John McLean, Citigroup's head of capital markets origination for Australia and New Zealand; Itay Tuchman, previously head of Citi Australia’s global markets division and current head of global foreign exchange trading; and Stephen Roberts, former country head of Citi Australia, Bloomberg News reported June 5.

Further, Australian prosecutors have charged former Deutsche Bank Australia CEO Michael Ormaechea, Michael Richardson, former head of equity capital markets at the German bank's Australian unit and ANZ Group Treasurer Rick Moscati, the report said.

The move follows a two-year investigation by the Australian Competition and Consumer Commission. The case is set to be heard July 3.

Deutsche Bank had previously said it will defend the charges, while Citigroup denied the allegations. JPMorgan Chase & Co., the third underwriter for the issuance, was reportedly granted immunity after it offered full disclosure on events surrounding ANZ's share placement.

Citigroup Global Markets Australia is a unit of Citigroup Inc.