Cartels

Further to its earlier statements regarding criminal cartel charges expected to be laid by the Commonwealth Director of Public Prosecutions (CDPP) against ANZ, its Group Treasurer Rick Moscati, and Deutsche Bank, the ACCC can confirm that Citigroup Global Markets Australia Pty Limited is the other company against which charges are expected to be laid, along with a number of individuals.

The expected charges follow an extensive ACCC criminal cartel investigation.

The ACCC will not make any further comment until charges are laid. 

The Full Federal Court has today ordered Japanese company Yazaki Corporation (Yazaki) to pay increased penalties of $46 million for cartel conduct, following an appeal by the ACCC. This is the highest penalty ever handed down under the Competition and Consumer Act (2010).

The trial judge had earlier found that Yazaki had engaged in anti-competitive cartel conduct in the supply of wire harnesses used in the manufacture of the Toyota Camry. The Full Court dismissed Yazaki’s cross-appeal of the trial judge’s finding that it had engaged in cartel conduct.

The Full Federal Court of Australia has today ordered Flight Centre to pay penalties totalling $12.5 million for attempting to induce three international airlines to enter into price fixing arrangements between 2005 and 2009.

Flight Centre sought to have each airline agree not to offer airfares on its own website that were less than those offered by Flight Centre.

The matter was remitted to the Full Federal Court for determination of penalty, following the ACCC’s successful appeal to the High Court of Australia in December 2016.

The Full Federal Court of Australia has today dismissed an appeal by electric cable manufacturer Prysmian Cavi E Sistemi S.R.L. (Prysmian) against a ruling that it engaged in cartel conduct in the supply of high voltage land cables.

Prysmian’s cartel conduct related to the supply of high voltage land cables and accessories to a Snowy Mountains Hydro Electric Scheme project in 2003.