SIA fined NZ$ 4.1 m in New Zealand for price fixing

Monday, 24 December 2012 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Singapore Airlines Ltd. was fined NZ$ 4.1 million ($ 3.4 million) by a New Zealand court for its part in a cargo price-fixing cartel over a period of nearly four years.

The New Zealand competition watchdog said SIA Cargo, a unit of Singapore Airlines, had admitted liability for agreeing fuel and security surcharges in Indonesia and Malaysia for cargo flown to the country.

“Price fixing is unlawful and the fines imposed in the air cargo case should be a deterrent to others who might breach the Commerce Act,” Commerce Commission Chair Mark Berry said in a statement.

SIA Cargo is the seventh airline to settle with the Commerce Commission in the long-running air cargo cartel case, bringing total penalties ordered in the case to NZ$ 25.5 million.

It is among the 13 airlines the Commission filed proceedings against in December 2008, alleging that they colluded to impose fuel and security surcharges for air cargo shipments to and from New Zealand.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.