A PYMNTS Company

Australia’s Watchdog Says “Exculpatory” Witness Statement Cut In Citi, Deutsche Cartel Case

By  |  July 20, 2020

The ACCC stated Monday, July 20 that it deleted parts of a witness statement showing Citigroup and Deutsche Bank tried to follow the rules in a stock issue at the centre of Australia’s biggest white-collar criminal lawsuit, reported Reuters. 

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Under questioning from a lawyer for Deutsche Bank, Australian Competition and Consumer Commission senior official Jane Lin told a pre-trial hearing in Sydney she did not know why the material was deleted. 

    Lin was shown a JPMorgan Chase draft witness statement which included suggestions the banks were concerned about disrupting an orderly market if they dumped their unsold shares simultaneously. The final signed statement excluded the remarks. 

    “The ACCC has exercised parts of his draft which demonstrate an intention … to do the right thing by the market,” Deutsche Bank lawyer Marugan Thangaraj said.

    Full Content: Reuters

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.