SYDNEY (Reuters) – Australia and New Zealand Banking Group and the local units of Citigroup and Deutsche Bank cannot properly respond to criminal cartel charges because they are still waiting for the prosecutor to detail its full case, a barrister for Citi told a packed Sydney courtroom on Tuesday.
Australian authorities filed criminal charges in June against the trio and six senior bankers over the sale of A$3 billion ($2.17 billion) in ANZ shares in 2015, and subsequent trading by the underwriters.
The case could have major implications for the underwriting business and lead to increased scrutiny from regulators worldwide.
Lawyers appeared briefly at the procedural hearing which lasted only a few minutes. None of the accused executives were present.
Citi’s barrister, Rob Ranken, said it required full details of the allegations before the bank could prepare a defence.
“Until we know what the precise nature of the case really is we’re not really in a position to [respond],” Ranken said.