Business Services Industry
Inscrutable Chinese walls under siege.
Australasian Business Intelligence, July, 2007
Byline: Andrew Tuch
Jul 08, 2007 (The Australian Financial Review - ABIX via COMTEX) -- A landmark court case in Australia centred on the investment bank, Citigroup. The Federal Court of Australia dismissed a case brought against Citigroup by the Australian Securities & Investments Commission (ASIC). However, the case has exposed many of the conflicts of interest that can arise in the financial services industry. ASIC argued that Citigroup breached its obligation as an adviser to Toll Holdings on the proposed takeover of Patrick when, on its own account, Citigroup purchased a large stake in Patrick on the eve of the takeover announcement. The case, although lost by ASIC, does show the conflicts of interest and how fragile so-called Chinese walls are. Investment...
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