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HONG KONG (Dow Jones)--Cathay Pacific Airways Ltd. (0293.HK) said Thursday the South Korean government will fine the carrier about HK$26 million because of its air-cargo pricing practices.
Cathay Pacific said it has yet to receive a written notice about the fine from the Korean Fair Trade Commission.
The airline will review the government's decision with its legal counsel and explore the options available, Cathay Pacific said without elaborating.
News of the fine comes after the U.K.'s Office Of Fair Trading alleged in late April that Cathay Pacific and Virgin Atlantic Airways Ltd. had colluded to set airfares on passenger flights between London and Hong Kong, which is in breach of competition law.
But the airline said it might may avoid having to pay millions of dollars worth of fines in the case if it fully cooperates with the investigation.