One of Australia's largest banks faces criminal charges for alleged cartel conduct after an investigation found some senior staff colluded to invest in their own shares to drum up capital.
The Commonwealth Director of Public Prosecutions is set to take action against ANZ Bank in relation to a $2.5 billion share placement in 2015.
A number of joint lead managers took about 25.5 million of the 80.8 million shares placed in the bank.
The Australian Securities and Investment Commission is investigating whether ANZ should have told the market about the joint lead managers' involvement.
The Commonwealth Director of Public Prosecutions is set to take action against ANZ Bank in relation to alleged cartel conduct that supposedly saw managers colluding to invest in their own shares and drum up capital
ANZ announced that it would defend against the action, releasing a statement to the ASX this morning, The Age reports.
'The proceedings relate to an arrangement or understanding allegedly made between the joint lead managers in relation to the supply of ANZ shares,' the statement confirmed.
That 'arrangement or understanding' allegedly constituted an institutional placement of shares in the bank in August 2015.
The $80.8 million placement was fully underwritten by