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Indiaexportnews.com

Singapore Airlines guilty of price fixing

  04.07.2011    

Singapore Airlines Cargo has pleaded guilty and agreed to pay a US$48 million criminal fine for its role in a conspiracy to fix prices in the air freight industry, the US Justice Department said.
Singapore Airlines Cargo engaged in a conspiracy to fix the cargo rates in the United States and elsewhere for international air shipments between February 2002 and February 2006, reported Dutch-based BNO News.
Court documents also revealed that the airline and co-conspirators agreed on cargo rates on certain routes to and from the US. As part of the conspiracy, the involved parties levied cargo rates in accordance with the agreements reached, and monitored and enforced adherence to the agreed-upon cargo rates.
Singapore Airlines Cargo is charged with price fixing in violation of the Sherman Act, which carries a maximum fine for corporations of $100 million. The maximum fine may be increased to twice the gain derived from the crime or twice the loss suffered by the victims of the crime, if either of those amounts is greater than the statutory maximum fine.
Singapore Airlines Cargo also agreed to cooperate with the department's ongoing antitrust investigation in which a total of 20 airlines and 17 executives have been charged for price fixing.
To date, more than $1.7 billion in criminal fines have been obtained and four executives have been sentenced to jail terms. Charges are pending against the remaining 13 executives.



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