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

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Sci-Tech
Search Scoop  
 
 
Powered by Vodafone
NZ independent news