Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

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.

* * *

Previous Import News items are published in our Internet site http://www.silva.co.nz. If you do not wish to be included in this mailing list, please reply to this message with the word REMOVE in the subject line. If you would like us to send Import News to friends or associates, please ask them to email info@importers.org.nz with the word SUBSCRIBE in the subject line.


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>