Air New Zealand hit with $15m fine for price fixing

Australia's competition watchdog said the country's Federal Court has ordered Air New Zealand to pay $15 million in penalties after legal action by the ACCC against a global air cargo cartel.

The ACCC said the court found Air NZ fixed fuel prices and insurance surcharges on air freight services from Hong Kong, and insurance and security charges from Singapore between 2002 and 2007.

Additionally, Air NZ agreed to pay $2 million towards the ACCC’s legal costs, the watchdog said.

Since the ACCC first launched its investigation into the air cargo cartel in 2006, penalties totalling $113.5 million have been imposed against 14 airlines.

More to come