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Switzerland: Logistics firm fined millions in code word price-fixing collusion

 |  April 15, 2014

Swiss logistics firm Kühne + Nagel has been fined millions of dollars in various jurisdictions around the globe for price-fixing, say reports.

New Zealand regulators fined the company $2.85 million for the anticompetitive behavior, while the US sanctioned the firm for $1 million and the EU issued fines of $7.3 million.

Reports say the company was involved in an air freight cartel with Panalpina; regulators reportedly found evidence of the companies secretly meeting to arrange price agreements.

The companies also reportedly used code words to fix service prices, for example, calling the new charges “new prices for asparagus and pumpkins.”

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