SQ (and other airlines) fined by EU for cargo price fixing

[jhm]

http://www.bbc.co.uk/news/business-11719507

The European Commission has fined 11 airlines almost 800m euros (£690m) [ SQ - 74.8m euros ] for fixing the price of air cargo between 1999 and 2006.

http://www.businessweek.com/news/201...-eu-fines.html

Singapore Airlines is disappointed in the decision and “strongly contests” it was involved in fixing prices, it said in an e-mailed statement. It also said it was likely to appeal.

Edit: this follows an earlier fine this year from the Korean authorities:

http://www.sqtalk.com/forum/showthre...621#post122621

[feb01mel]

SIA to appeal EU's price-fixing ruling

SIA to appeal EU's price-fixing ruling

SINGAPORE: Singapore Airlines (SIA) said its cargo unit is likely to appeal a ruling by the European Commission that it was involved in a price-fixing case involving several airlines.

The flag carrier also said it would make a provision of about S$134 million this financial year following the European Commission's decision to impose a 74.8 million euro administrative fine on the carrier's cargo unit.

In a statement to the Singapore Exchange (SGX), SIA said it strongly contests any suggestion that it has been involved in a global conspiracy to fix surcharges or rates.

Air France KLM , British Airways and nine other airlines were fined a total of nearly 800 million euros by EU regulators in a price-fixing case that could open the way for private claims against the companies, analysts said.

-CNA/wk

Taken off Channel News Asia