Cargo airlines fined for fixing prices
"Three cargo airlines have agreed to pay fines totalling $214m for their roles in a global conspiracy to fix prices for air freight.
The penalties are the latest imposed following one of the biggest cartel probes led by the US justice department. It has led to the prosecution of 15 airlines and has resulted in total fines of more than $1.6bn against the aviation industry.
In addition, three senior air cargo industry executives agreed to serve jail terms.
Cargolux, which is based in Luxembourg; Nippon Cargo Airlines of Japan; and Korea's Asiana Airlines have each agreed to plead guilty and pay criminal fines for conspiring to fix prices.
The fixing of cargo rates for international air shipments began as early as September 2001 and continued until February 2006."
Read on...
The penalties are the latest imposed following one of the biggest cartel probes led by the US justice department. It has led to the prosecution of 15 airlines and has resulted in total fines of more than $1.6bn against the aviation industry.
In addition, three senior air cargo industry executives agreed to serve jail terms.
Cargolux, which is based in Luxembourg; Nippon Cargo Airlines of Japan; and Korea's Asiana Airlines have each agreed to plead guilty and pay criminal fines for conspiring to fix prices.
The fixing of cargo rates for international air shipments began as early as September 2001 and continued until February 2006."
Read on...