As we are trying to tighten our belts to safe a hundred kilos of fuel here and there, someone blows $60 Million USD in an anti-trust law suit.
Hope he made $61 Million USD before he got caught.
Quote:
Important message from the Chief Executive
Dear Colleagues,
By now you will have heard that Cathay Pacific entered into a plea agreement with the United States Department of Justice (DOJ) in connection with its investigation into the air cargo services of a number of carriers. According to the DOJ, certain of our air cargo practices - and those of other air cargo carriers operating out of Hong Kong - were in conflict with US law.
We have always endeavoured to comply fully with all Hong Kong laws and those of every jurisdiction in which we operate. Unfortunately, some of our actions relating to shipments from Hong Kong to the United States were in conflict with United States antitrust laws - something we very much regret.
We cooperated fully with the DOJ in its investigation into air cargo activities and concluded that entering into the plea agreement was the best resolution. We will pay a fine of US$60 million, which will be taken into account in our 2008 interim results for the six months ending on 30th June 2008
