NZ fines Australian firm US$2.8 mil. on anti-competitive cardboard cartel
AFPWELLINGTON -- New Zealand has fined Australian packaging giant Visy NZ$3.6 million (US$2.8 million) for price fixing, the competition watchdog said Thursday.
August 23, 2013, 11:58 am TWN
Visy agreed to pay and admitted liability for its role in an illegal pricing cartel with rival Amcor in the cardboard packaging market, as part of a pre-trial agreement in the High Court in Auckland, the New Zealand Commerce Commission said.
“Preventing price-fixing is important to protect New Zealanders from anti-competitive conduct and the substantial penalty the court awarded should be a deterrent to others who might breach the act,” commission chairman Mark Berry said in a statement.