ANZ, Citi, Deutsche Bank face share price manipulation charges in Australia

Australia and New Zealand Bank Group, ANZ, and local units of two the largest global investment banks could be in trouble as a major financial fraud trial unravels.

ANZ and the local units of Citibank Group and Deutsche Bank AG as well as their top senior bankers are facing charges of artificially manipulating the share price of ANZ.

Prosecution team alledged that the accused banks and their senior banks formed a criminal cartel to either “directly or indirectly” restrict the supply of ANZ shares or maintain the price of ANZ shares.

The bank and its underwriters were accused of using up to $2.1 billion to carry out the alleged share price manipulation.

While ANZ, CitiGroup Deutsche Bank have all denied wrongdoing, JPMorgan maintained its role was legal.

The case has generated international attention as it could become a reference point to related future occurrence as well as increasing scrutiny for investment bankers in Australia.

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