CARTELS – LAW AND LEGISLATION – AUSTRALIA

ANZ, Citigroup and Deutsche Bank executives charged with criminal cartel offences

roymorgansocial Leave a comment

Original article by Stephen Letts
abc.net.au – Page: Online : 6-Jun-18

The ANZ Bank’s global head of treasury, Rick Moscati, is among six senior banking industry executives who will face criminal cartel charges arising from ANZ’s institutional share placement in 2015. Citigroup MD John McLean and the investment bank’s global head of foreign exchange trading, Itay Tuchman, have also been charged, as has Citi’s former Australian head, Stephen Roberts. Two former Deutsche Bank executives, Michael Ormaechea and Michael Richardson, also face charges following a two-year investigation by the Australian Competition & Consumer Commission. The three banks will also be prosecuted for allegedly engaging in a cartel.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, CITIGROUP PTY LTD, DEUTSCHE BANK AG, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, JP MORGAN AUSTRALIA LIMITED, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

ACCC seeks fines, jail for cartels

roymorgansocial Leave a comment

Original article by Patrick Durkin
The Australian Financial Review – Page: 1 & 6 : 9-Jan-18

The Australian Competition & Consumer Commission will ramp up its crackdown on cartel activity in 2018. Chairman Rod Sims expects the ACCC to launch criminal cartel proceedings against up to four Australian companies and their executives, although he has declined to identify them. Senior executives face massive fines and up to 10 years in jail for engaging in cartel activity. Meanwhile, Sims anticipates an increase in merger activity in 2018, particularly in the media sector in the wake of the Federal Government’s cross-media ownership reforms.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, VISY INDUSTRIES AUSTRALIA PTY LTD, NIPPON YUSEN KAISHA LINE, KAWASAKI KISEN KAISHA LIMITED, FACEBOOK INCORPORATED, GOOGLE INCORPORATED, AMAZON.COM INCORPORATED, OOH!MEDIA LIMITED – ASX OML, APN OUTDOOR GROUP LIMITED – ASX APO, SOUTH32 LIMITED – ASX S32, CAMP AUSTRALIA PTY LTD, JAG, TABCORP HOLDINGS LIMITED – ASX TAH, TATTS GROUP LIMITED – ASX TTS, AUSTRALIA. COMPETITION TRIBUNAL, BP AUSTRALIA LIMITED, WOOLWORTHS GROUP LIMITED – ASX WOW, AUSTRALIA. PRODUCTIVITY COMMISSION, PACIFIC NATIONAL PTY LTD, AURIZON HOLDINGS LIMITED – ASX AZJ, MURRAY GOULBURN CO-OPERATIVE COMPANY LIMITED, SAPUTO INCORPORATED, MANTRA GROUP LIMITED – ASX MTR, ACCOR SA

Cartel fines up $45.7m as ACCC bares teeth

roymorgansocial Leave a comment

Original article by Leo Shanahan
The Australian – Page: 21 : 24-Jun-16

The competition watchdog has become more active in pursuing companies engaged in uncompetitive behaviour. The Australian Competition & Consumer Commission has imposed fines of $A45.7 million in total for breaches of cartel and competition laws since January 2016. This figure is rather surprising, considering that the commission found no evidence of the same offences and issued no fines at all in calendar 2015.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, FEDERAL COURT OF AUSTRALIA, EGR PTY LTD, PALRAM AUSTRALIA PTY LTD, AMPELITE, CEMENT AUSTRALIA PTY LTD