ACCC investigators face days of questioning as the regulator’s landmark criminal cartel case against three banks returns via a COVID-19-era video link from Penrith Local Court.

ACCC general manager Jane Lin will complete evidence she was giving when the committal was postponed in March. She will be followed by two key ACCC witnesses the defence has been waiting on: ACCC head of enforcement Marcus Bezzi and general manager Leah Won.
Magistrate Jennifer Giles who was due to retire in April has not retired after all, and will preside over the five days of the case this week.
The ACCC brought charges in June 2018 against ANZ, Citigroup Global Markets, Deutsche Bank and six key managers and executives. The charges alleged they had engaged in a cartel in August 2015 with four phone calls to discuss a $2.5 billion ANZ capital raising that fell short, leaving a third of the shares in the hands of underwriters.
The regulator alleges the defendants were involved in an agreement to restrict the supply of shares in ANZ to directly or indirectly maintain the share price. All of those charged have said they will plead not guilty.
A fourth bank, JPMorgan, received immunity in exchange for assisting the prosecution. It is a situation that has deeply divided the investment banking world, with its intermingled relationships and genetics. Many other banks watching the case closely have felt a shiver of relief atnot having been in the ANZ deal.
The case is being watched closely around the world, given it could affect the way investment banks everywhere handle share sales.