QAN 1.56% $4.43 qantas airways limited

20millon dollar fine for price fixing

  1. s8
    7,757 Posts.
    Qantas fined $20m for price fixing
    Posted 12 minutes ago
    Updated 9 minutes ago


    Qantas has already paid millions of dollars in fines to US authorities.

    Qantas has been forced to pay $20 million in fines after being caught in a price fixing cartel with British Airways.

    The Australian Competition and Consumer Commission (ACCC) says between 2002 and 2006, Qantas and British Airways fixed prices on fuel surcharges on international air freight.

    The ACCC says both airlines have voluntarily made admissions in relation to the conduct.

    The regulator launched proceedings against the two airlines in the Federal Court, and Qantas has entered in to a deed of settlement to pay a penalty of $20 million.

    Qantas's chief executive, Geoff Dixon, says the airline was made aware of the allegations in 2006, and apologises unreservedly for the conduct of the employees involved.

    Qantas has already paid millions of dollars in fines to US authorities after being prosecuted over international air cargo price fixing.

    In July a former senior Qantas executive, Bruce McCaffrey, was sentenced to six months in a US jail for his role in international air cargo price fixing.

    Yesterday Federal Assistant Treasurer Chris Bowen said executives could face 10 years in jail for forming illegal business cartels if a package of laws is passed.

    The proposed legislation could see corporations fined three times the value of the benefit they get from a cartel.


    http://www.abc.net.au/news/stories/2008/10/28/2403687.htm
 
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