ASIC takes Westpac to court over alleged insider trading

ASIC takes Westpac to court over alleged insider trading

Westpac has more than tripled its half year cash earnings as the major bank bounces back from the COVID-19 recession. Westpac has more than tripled its half year cash earnings as the major bank bounces back from the COVID-19 recession.... Westpac has been slapped with legal action from the corporate watchdog for alleged insider trading. The Australian Securities and Investments Commission (ASIC) has lodged proceedings in the Federal Court against the major bank for financial crimes dating back to 2016. ASIC alleges Westpac conducted insider trading and unconscionable conduct that breached its obligations under its financial services licence. The accusations relate to a $12bn interest rate swap transaction with AustralianSuper and a consortium of other companies for the majority stake in Ausgrid following the energy provider’s privatisation by the NSW government. ASIC believes Westpac knew before the rest of the market that it would be executing the transaction, which is illegal. “ASIC alleges that by about 8.30am on 20 October 2016, Westpac knew, or believed, it would be selected by the consortium to execute the interest rate swap transaction on …
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