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New Zealand: Timber supplier chopped with $1.5M price-fixing fine

 |  March 19, 2014

Three major forest product suppliers in New Zealand have been slammed with more than $1.5 million in fines for price-fixing, say reports.

Carter Hold Harvey is reportedly been issued the fine for the scheme, which was worth less than $1,000 to the company. The company was sanctioned following its admittance of partaking in the collusion, which also included timber suppliers Carters, PlaceMakers Cook St and PlaceMakers Mt Wellington.

According to reports, the companies colluded to fix the costs of structural timber between September 2012 and March 2013. The price-fixing was uncovered following an investigation into the matter by the Commerce Commission.

PlaceMakers owner Fletcher Distribution was granted immunity from antitrust sanctions as it first alerted regulators of the collusion.

Full Content: New Zealand Herald

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