Canada fines Cathay Pacific C$1.5 million for fixing cargo prices

Thu Jun 20, 2013 12:31pm EDT
 

OTTAWA (Reuters) - A Canadian court fined Cathay Pacific Airways Ltd (0293.HK: Quote) C$1.5 million ($1.4 million) on Thursday after the airline admitted taking part in an air cargo price-fixing cartel, Canada's Competition Bureau said.

The airline's guilty plea related to navigation surcharges Cathay imposed on international air cargo shipments to and from Canada between April 1999 and August 2003, the bureau said in a statement.

"The Bureau's investigation into the alleged conduct of other air cargo carriers continues," it said, noting that the inquiry has resulted in eight criminal convictions and fines of over C$24 million so far.

Other carriers that have pleaded guilty to fixing cargo surcharges include Air France-KLM SA (AIRF.PA: Quote), Cargolux Airlines International SA CLUX.UL, British Airways (ICAG.L: Quote), Martinair Holland NV MART.UL, Qantas Airways Ltd (QAN.AX: Quote) and Korean Air Lines Co Ltd (003490.KS: Quote).

(Reporting by David Ljunggren; Editing by Jeffrey Hodgson and Andre Grenon)

Lined up banners are seen at a city check-in counter of Cathay Pacific Airways in downtown Hong Kong August 8, 2012. REUTERS/Bobby Yip