The Commonwealth Director of Public Prosecutions (CDPP) confirmed this week that “all” charges against Stephen Roberts have been dropped in relation to criminal cartel charges. Mr Roberts was accused of two charges of violating laws to prevent cartel activity.
The charges date back to 2018 when Citi, along with ANZ and Deutsche Bank, was accused of cartel conduct. On 7 August 2015, ANZ raised $2.5 billion in equity capital in an institutional share placement of around 80.8 million shares that was fully underwritten by lead managers Deutsche Bank, Citi and JP Morgan.
According to a statement by ANZ to the ASX at the time, “ASIC is investigating whether ANZ’s announcement of 7 August 2015 should have stated the joint lead managers took up approximately 25.5 million shares of the placement”.
“I am obviously pleased that the CDPP has dropped all charges against me," Mr Roberts said in a statement given to InvestorDaily,
"The past several years have been extremely difficult for me and my family, and I am now looking forward to putting this behind me.”
It is understood Citi managing director John McLean, as well as Deutsche Bank’s former chief executive Michael Ormaechea, former ANZ group treasurer, now chief risk officer, Rick Moscati and former head of equity capital markets Michael Richardson is still involved in the proceedings.
ANZ, Citi and Deutsche Bank have all denied the charges and said they would “vigorously defend” themselves and their employees.
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
