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

 


Visy loses bid to challenge Appeal Court ruling on cartel

Visy loses bid to challenge Appeal Court ruling, will have to settle cartel case in High Court

Nov. 28 (BusinessDesk) - Visy Board has missed out on a chance to challenge a Court of Appeal ruling upholding the Commerce Commission's right to pursue the Australian packaging company and a former executive over an alleged cartel.

The Supreme Court declined Visy's application for leave to appeal, with Chief Justice Sian Elias and Justices John McGrath and Susan Glazebrook saying the appeal court ruling was "provisional and may be overtaken by re-assessment when the evidence is heard," according to a judgment published today. An appeal wouldn't remove all matters in the proceedings, nor shorten the hearing, the bench said.

"The Court of Appeal was careful to recognise that it should be cautious in attaching jurisdiction to a foreign defendant," the judgment said. "If any matter of principle in the application of the provision of the Commerce Act to the facts as found arises, it can be raised at trial where it can be determined in context."

In August, the Court of Appeal overturned a High Court ruling reducing the number of claims the antitrust regulator could pursue against the Australian company and its former general manager Rod Carroll, saying the lower court erred in rejecting a much wider pattern of alleged cartel behaviour in the New Zealand packaging market.

The Federal Court of Australia has already imposed penalties of A$36 million on Visy Board and its owner, Richard Pratt, and A$500,000 on Carroll. But the company and the executive have denied the cartel arrangements extended to New Zealand and objected to the commission pursuing its claims here.

The commission contends Visy and rival Amcor had a broad understanding in Australia, referred to as the ‘overarching understanding’ on market sharing and price fixing which was subsequently extended to New Zealand. Below this was what it called “a series of discreet understandings” in relation to New Zealand supply contracts.

Amcor made a request for leniency under Australian and New Zealand antitrust rules. Leniency rules are designed to encourage cartel members to cooperate with antitrust investigations to help ensure successful prosecution while mitigating their own punishments.

Visy and Amcor compete with Carter Holt Harvey in the New Zealand packaging market.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news