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

 

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Sci-Tech
Search Scoop  
 
 
Powered by Vodafone
NZ independent news