Japanese shipping company Nippon Yusen Kabushiki Kaisha pleaded guilty on Monday in Australia‘s federal court to criminal cartel conduct in relation to the transport of vehicles into the country.
The charges, which were brought last Thursday by Australia’s competition watchdog, the Australian Competition and Consumer Commission, could lead to a fine of at least $7.6 million.
“This matter relates to alleged cartel conduct in connection with the transportation of vehicles, including cars, trucks, and buses, to Australia between July 2009 and September 2012,” ACCC Chairman Rod Sims said in a statement. The company had pleaded guilty, the statement said.
It was the first criminal charge laid against a corporation under the Competition and Consumer Act, Sims said, following a law change in 2009 that made cartel conduct a criminal act.
Jason Glynn, the general manager of corporate affairs for Nippon Yusen’s Australian subsidiary, NYK Line (Australia) Pty Ltd, confirmed the guilty plea.
“NYK has co-operated fully with the ACCC during the course of this investigation. NYK will not make any further comment while this matter is before the courts,” he said.
Nippon Yusen’s Tokyo headquarters could not immediately be reached for comment.
The penalty for cartel conduct under Australian competition law is the greater of $A10 million, triple the benefit attributed to the offence, or 10 percent of the corporation’s annual turnover in Australia.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
UK Probes Lindab’s Acquisition of HAS-Vent Amid Fears of Market Monopoly
Apr 28, 2024 by
CPI
Shein Faces EU Regulations Over User Data
Apr 28, 2024 by
CPI
Google Fights Back Against US Antitrust Lawsuit
Apr 28, 2024 by
CPI
US Homeland Security Establishes Blue-Ribbon Board with Tech CEOs to Advise on AI
Apr 28, 2024 by
CPI
FTC Accuses Amazon Executives of Using Disappearing Messaging Apps to Conceal Evidence
Apr 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI