The Trader 

Market Outlook: ANZ faces criminal charges

The Trader

Reuters reports this morning that the Australian Competition and Consumer Commission (ACCC) said that federal prosecutors will charge the bank, its treasurer Rick Moscati, and two other companies over a stock placement.  Underwriters for the issue, Deutsche Bank and Citigroup, have said they expect to be charged over cartel arrangements.  Needless to say, all the firms deny wrongdoing.  The Australian banking sector, dominated by four big banks, has been under a massive investigation and public inquiry this year over wrongdoing, breaches of anti-money laundering rules and unfair practices. 

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