Business Services Industry
ASIC gives Citibank chief light grilling.
Australasian Business Intelligence, March, 2007
Byline: Susannah Moran
Mar 26, 2007 (The Australian - ABIX via COMTEX) -- On 26 March 2007 a high-profile court case involving Citigroup commenced in the Federal Court of Australia. The Australian Securities & Investments Commission (ASIC) launched legal action against the Australian arm of the world's largest bank over an alleged conflict of interests, claiming that Citigroup engaged in insider trading while advising Toll Holdings on its Patrick Corporation takeover. The first witness to testify, Stephen Roberts, was not cross-examined by ASIC under the court rules. ASIC's barrister, Bret Walker SC, believes that proving a fiduciary relationship between Toll and Citigroup will decide the case in ASIC's favour.
Publication Date: 27 March 2007...
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