Maybe I'm just stupid, but I read through the entire article twice and I still had no idea what exactly they're being charged with, other than "criminal cartel charges."
So I decided to look it up, and apparently it's a provision unique(?) to Australian law. I found this page describing it, particularly:
(1) A corporation commits an offence if:
(a) the corporation makes a contract or arrangement, or arrives at an understanding; and
(b) the contract, arrangement or understanding contains a cartel provision.
Where a "cartel provision" is later described as
A cartel provision is defined as applying to four types of conduct:
(a) price-fixing; or
(b) restricting outputs in the production and supply chain; or
(c) allocating customers, suppliers or territories; or
(d) bid-rigging.
With that information in tow, I reread the article a third time. From what I can tell, the charges are coming from the fact that ANZ announced they were selling 80 million shares, but kept 25 million of those shares for the joint lead managers, without announcing it.
Am I correct in this assessment? Is this what they're being charged for?
I'm trying my damnedest to make heads or tails of this article, but it's just not clicking for me.
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