Shipping Executives Caught Fixing Prices
Import News from the Importers Institute
019 March 2000 - Executives Caught Fixing Prices
The Importers Institute has evidence that executives from six shipping companies met and colluded to rig prices. The result was a substantial price increase of more than $700 on each 20 ft container imported from the U.S. from 1 April.
We can reveal that the companies involved in this anti-competitive initiative were ANZDL, Columbus, CMA-CGM, Contship, P&O Nedlloyd and Wilhelmsen Lines.
Price-rigging is illegal under the Commerce Act. The actions of these companies' executives would probably land them in jail, if they worked in any other industry. Shipping companies, however, managed to get themselves an exemption from the Commerce Act.
The Importers Institute calls on the Minister of Commerce, Paul Swain, to abolish that exemption.
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