Top bankers, ACCC officials to be questioned in cartel case

Unlike the other banks, JPMorgan and some of its staff were granted immunity in exchange for their testimony about what allegedly occurred, especially in a series of phone calls in mid-August 2015 after the share placement.

A number of the US banking giant’s current and former executives will be questioned about how that deal was struck and any conditions that were placed on it before the matter even goes to trial under orders made on Friday by Magistrate Megan Greenwood in the Local Court.

The parties agreed that JPMorgan’s Jeffrey Herbert-Smith, former managing director; Oliver Bainbridge, head of compliance; Mark Dewar, head of trading and derivatives; and Richard Galvin, former head of equity and derivatives would be cross examined.

Magistrate Greenwood also decided it would be in the “interests of justice” for several senior ACCC officials working on the case to be questioned.

The banks had argued that early questioning would help them narrow down the issues to be tried and allow them to better understand the case they face.


Marcus Bezzi, the ACCC’s executive manager of specialised enforcement and advocacy, along with senior staff members Jane Lin, Michael Taylor and Leah Won, will all have to give evidence.

Magistrate Greenwood permitted the banks’ lawyers to question ACCC staff about the August 2015 phone calls, two of which were recorded by an unknown person and found their way to the ACCC.

They will also be asked about the use of information that the ACCC obtained by the Australian Competition and Consumer Commission, which is investigating a related matter but has different powers.

The bankers who are accused of being involved in the cartel conduct are ANZ’s Rick Moscati, Deutsche’s Michael Richardson and Michael Ormaechea, and Citi’s Stephen Roberts, Itay Tuchman, and John Mclean.

Mr Roberts and Mr Ormaechea were country heads for their respective employers.

The group face maximum jail terms of a decade or fines of more than $400,000 while their employers could receive fines of up to 10 per cent of their turnover or treble the profit reaped through the alleged conduct.

Cross-examination is scheduled for early next month, with the case likely to go to trial next year.

Most Viewed in Business



Related posts

Make a comment