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

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news