The outgoing head of the competition watchdog, Rod Sims, has instigated an internal review into the failed ANZ cartel case to “learn lessons” but is resisting calls for an independent external review and remains unrepentant about the case.
Mr Sims told a parliamentary committee he had asked the Australian Competition and Consumer Commission chief executive, Scott Gregson, who “was not involved in the original decision-making” to lead a review into the prosecution’s surrender in the case which involved allegations of cartel conduct following an ANZ capital raising in 2015.
“We do need to enter into a lot of reflection on this one … and learn lessons and we most certainly will, we do always when cases don’t go as expected,” Mr Sims told the committee.
“There’s no doubt this case went on for too long … certainly, there will be lessons to be learnt.”
The investigation ran for over five years, cost an estimated $20 million and involved senior banking executives from ANZ, Citibank and Deutsche Bank in what many in the industry said was accepted market practice.
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