Bill Smith
6th Dec 2012, 12:44
Cathay fined in price-fixing case
Cathay Pacific Airways will pay a US$12.28 million fine to settle an air cargo price-fixing case with the Australian Competition and Consumer Commission, the blue-chip carrier said, reported Dow Jones Newswires.
Australia's competition watchdog in 2009 commenced legal action against Hong Kong-based Cathay Pacific over allegations it participated in international air cargo price fixing between 2000 and 2006.
Cathay Pacific said in a statement that under the settlement approved by the Federal Court of Australia, New South Wales Registry, it has pleaded guilty to certain violations of the Australian Trade Practices Act.
Cathay Pacific remains committed to its long standing policy of full compliance with all applicable laws and is satisfied that it has taken the best possible corrective actions to remain consistent with this policy, it said.
Cathay Pacific Airways will pay a US$12.28 million fine to settle an air cargo price-fixing case with the Australian Competition and Consumer Commission, the blue-chip carrier said, reported Dow Jones Newswires.
Australia's competition watchdog in 2009 commenced legal action against Hong Kong-based Cathay Pacific over allegations it participated in international air cargo price fixing between 2000 and 2006.
Cathay Pacific said in a statement that under the settlement approved by the Federal Court of Australia, New South Wales Registry, it has pleaded guilty to certain violations of the Australian Trade Practices Act.
Cathay Pacific remains committed to its long standing policy of full compliance with all applicable laws and is satisfied that it has taken the best possible corrective actions to remain consistent with this policy, it said.