Korean Air, Emirates admit price-fixing
Fri, 27 Jul 2012 4:34p.m.
Two overseas airlines involved in price-fixing have reached settlements worth millions of dollars with the Commerce Commission.
The High Court at Auckland on Friday ordered Korean Air to pay $3.5 million and Emirates to pay $1.5m for breaches of the Commerce Act - penalties recommended to the court as part of pre-trial settlements.
Korean Air admitted agreeing fuel and security surcharges in Hong Kong, Japan and Malaysia for cargo flown to New Zealand, while Emirates admitted agreeing fuel and security surcharges in Indonesia for cargo flown to New Zealand.
Both companies received discounted penalties for early admissions.
Korean Air's misconduct took place over six years, while Emirates' was over three years.
The commission filed proceedings against 13 airlines in December 2008, alleging they colluded on fuel and security surcharges for air cargo shipments into and out of New Zealand for years.
So far, six airlines have reached settlements with the commission - including British Airways, Cargolux International Airlines, Qantas Airways and Japan Airlines - with the total penalties totalling more than $21m.
The commission's case against the remaining defending airlines is set down for March next year in the High Court at Auckland.
The defending airlines are Air New Zealand, Cathay Pacific Airways, Malaysian Airlines System Berhad, Singapore Airlines and Singapore Airlines Cargo, and Thai Airways.
The commission discontinued proceedings against PT Garuda Indonesia, United Airlines and six Air New Zealand executives last year, and two Qantas executives this year.
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