Business Services Industry
ASIC case targets Citigroup crisis meeting.
Australasian Business Intelligence, February, 2007
Byline: Vanda Carson
Feb 07, 2007 (The Sydney Morning Herald - ABIX via COMTEX) -- Starting 28 March 2007, the Federal Court of Australia will hear insider trading charges against investment bank and stockbroking house Citigroup. The Australian Securities & Investments Commission alleges that the Citigroup advisory client Toll Holdings was disadvantaged by a stock transaction that caused the share price of its takeover target Patrick Corporation to rise. The watchdog says there was a clear conflict of interests at Citigroup. Varying statements have been made by its executives about whether or not Toll was informed of the trading in Patrick. The trial will look at a "crisis meeting" convened by Citigroup after the incident in mid-2005.
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