Citi, Deutsche Bank, ANZ served with criminal cartel charges in Australia

The market had been waiting for details of the charges against Australia and New Zealand Banking Group since the Australian Consumer and Competition Commission flagged them on Friday. (Reuters)
Updated 05 June 2018
0

Citi, Deutsche Bank, ANZ served with criminal cartel charges in Australia

BENGALURU: Australia’s competition regulator on Tuesday said criminal charges had been laid against Australia and New Zealand Banking Group Ltd, a local unit of Citigroup and Deutsche Bank relating to cartel offenses over a $2.3 billion share issue.
Criminal charges have also been laid against several senior executives, including ANZ Treasurer Rick Moscati and Citigroup’s John McLean and Itay Tuchman. Former executives, including Citigroup’s Stephen Roberts and Deutsche Bank’s Michael Ormaechea and Michael Richardson, were also charged, the Australian Consumer and Competition Commission (ACCC) said in a statement.
The market had been waiting for details of the charges against ANZ and underwriters of the 2015 stock placement, Deutsche and Citigroup, since the ACCC flagged them on Friday.
All three banks on Friday denied wrongdoing and said they would defend the charges. Citigroup said the regulator was effectively criminalizing practices long seen as the norm in the financial industry.
The charges, which can carry hefty fines and 10-year prison terms, could lead to changes in the way institutional capital raisings are handled, and do further damage to the reputation of Australian lenders already mired in scandal.
The placement was made when Australian banks were under pressure to meet new capital requirements, which prompted ANZ and the country’s biggest bank, Commonwealth Bank of Australia , to raise a combined A$8 billion in a single week.


Bahrain LNG terminal to start commercial operations in May

Updated 25 March 2019
0

Bahrain LNG terminal to start commercial operations in May

  • Bahrain LNG is the developer of the receiving and regasification terminal within the Khalifa bin Salman Port facility in Hidd

DUBAI: Bahrain’s liquefied natural gas (LNG) terminal will start commercial operations in May, with the first LNG shipment to be imported mostly from the UAE’s ADNOC, state media quoted the CEO of Bahrain’s National Oil and Gas Authority (NOGA) as saying.
Bahrain LNG is the developer of the receiving and regasification terminal within the Khalifa bin Salman Port facility in Hidd, Bahrain, Bahrain LNG’s website says.
The terminal also houses an offshore LNG receiving jetty and breakwater, a regasification platform, subsea gas pipelines from the platform to shore, an onshore gas receiving facility, and an onshore nitrogen production facility, according to the website.
Bahrain’s first LNG floating storage unit is anchored in the United Arab Emirates’ Fujairah port, Refinitiv Eikon data shows.
The storage unit is expected to arrive at the Hidd terminal in May, Bahrain News Agency quoted NOGA chief executive Jassem al Shirawi as saying on Monday.
The report did not specify the overall shipment amount, a small part of which Chevron will deliver later.
The terminal is more than 98 percent ready and the trial period will last only a few weeks, he told the news agency.
“Bahrain has signed agreements with more than 25 companies and gas-producing countries from around the world to import LNG,” al Shirawi was quoted as saying.
The LNG import terminal, with a capacity of 800 million cubic feet per day, will allow Bahrain to import the super-chilled fuel as demand grows for natural gas to feed large industrial projects, generate power and produce oil.