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Westpac accused of insider trading by Australia's corporate regulator

( May 5, 2021, 04:08 GMT | Official Statement) -- MLex Summary: Westpac Banking Corporation has been accused of insider trading today in a court case filed by Australia's corporate regulator. The Australian Securities and Investments Commission, known as ASIC, alleges that the bank's traders acted on inside information relating to Westpac's role in a transaction linked to the privatization of a majority stake in the electricity provider Ausgrid by the New South Wales government in 2016. Westpac said in a statement that it takes the allegations very seriously and is considering its position on the matter. The bank added that it has received documents relating to the civil proceedings initiated by ASIC. The full statements from ASIC and Westpac follow. The related ASIC documents are attached below....

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