Video | Business Headlines | Internet | Science | Scientific Ethics | Technology | Search

 


Shill bidding: Unlawful, unethical and dumb

MEDIA RELEASE: For Immediate Release
9 August 2011

Shill bidding: Unlawful, unethical and dumb

Trade Me has applauded the conviction of Christchurch business Morrison Car Company for shill bidding on its own auctions.

“Shill or ghost bidding is one of the most immoral forms of behaviour in a marketplace,” said Trade Me’s Head of Trust & Safety, Jon Duffy. “We’re delighted the Commerce Commission took such prompt action on this incident, and we’re equally pleased with Judge Farish’s sentencing which included $45,000 in fines. The Commission was able to make good use of our investigation materials to get a solid conviction.

“Healthy marketplaces depend on transparency and trust and shill bidding undermines both of these. We support such perpetrators being made an example of and hope this sends a clear message. In the case of the Morrison Car Company, not only did they participate in shill bidding, they were also foolish enough not to display a Consumer Information Notice (CIN).

“Trade Me is one of the most public marketplaces in the country. To try to avoid CIN requirements in such a marketplace is not only unlawful, it’s dumb.”

Trade Me has a range of trust and safety tools operating across the site, many of which are focused on misleading or anti-competitive behaviour. Shill bidding is dealt with swiftly and Trade Me will work closely with the Commerce Commission in such cases.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Sci-Tech
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news