Court rejects Leyonhjelm s appeal over Hanson-Young defamation brisbanetimes.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from brisbanetimes.com.au Daily Mail and Mail on Sunday newspapers.
Banking cartel case trial delayed by more than a year
Save
Share
Landmark criminal cartel charges against a group of Australiaâs biggest investment banks will not go to trial for more than a year amid complaints from the defence that the indictment from the Commonwealth prosecutor was âalmost incomprehensibleâ and contained âfundamental defectsâ.
The banks levelled the claims in Mondayâs Federal Court hearing of the long-running criminal cartel case, in which ANZ, Deutsche Bank and Citi, and six of their executives face criminal charges.
A criminal cartel case against ANZ, Deutsche and Citigroup will be heard in 2022.Â
Glenn Hunt
Source: Australian Competition and Consumer Commission
Norwegian-based global shipping company Wallenius Wilhelmsen Ocean AS (WWO) has been convicted of criminal cartel conduct and ordered by the Federal Court to pay a fine of $24 million, in a case prosecuted by the Commonwealth Director of Public Prosecutions (CDPP).
This brings to a close an extensive investigation by the ACCC into an international cartel involving several international shipping companies in relation to the shipping of vehicles to Australia from Asia, Europe and the US on behalf of major car manufacturers.
In Australia, three international shipping companies have been convicted and fined a total of $83.5m in relation to this cartel, after detailed investigations by the ACCC. In August 2017, Nippon Yusen Kabushiki Kaisha (NYK) was fined $25 million, while K-Line was fined $34.5 million in August 2019, which remains the largest criminal fine ordered under the Competition and Consumer Act.
ANZ Bank cartel trial slated for 2022, judge slams delays
We’re sorry, this service is currently unavailable. Please try again later.
Dismiss
ANZ Bank cartel trial slated for 2022, judge slams delays
Normal text size
Advertisement
A trial for the cartel case involving big four bank ANZ has been slated for 2022 after Federal Court Justice Michael Wigney slammed the competition regulator and banks for delays. These charges have been hanging over the heads of these individuals but also major corporations. They have to be brought to a head. It’s intolerable for it to go on, Justice Wigney told the Federal Court in Sydney on Tuesday.