A New Zealand court on Thursday ordered Australian packaging firm Visy to pay a penalty of 3.6 million NZ dollars (2.82 million U.S. dollars) for fixing prices with a rival when dealing with major international customers.
Visy Board Pty. Ltd. has been ordered to pay the penalty in the High Court in Auckland, and former Visy senior executive John Carroll was ordered to pay 25,000 NZ dollars.
Visy had admitted operating a cartel with Australian firm Amcor Ltd. by dividing trans-Tasman corrugated fibreboard packaging customers food giants Coca Cola, Goodman Fielder and Fonterra between them between 2001 and 2004, said a statement from New Zealand's Commerce Commission.
"Preventing price fixing is important to protect New Zealanders from anti-competitive conduct, and the substantial penalty the court awarded should be a deterrent to others," commission chairman Mark Berry said in the statement.
The Federal Court of Australia had earlier imposed penalties of 36 million AU dollars (32.37 million U.S. dollars) against Visy and 500,000 AU dollars against Carroll after convictions on similar charges.
The New Zealand court penalty, which was recommended to the court by both the commission and Visy, included a discount for Visy's admissions.
Visy Board Pty. Ltd. has been ordered to pay the penalty in the High Court in Auckland, and former Visy senior executive John Carroll was ordered to pay 25,000 NZ dollars.
Visy had admitted operating a cartel with Australian firm Amcor Ltd. by dividing trans-Tasman corrugated fibreboard packaging customers food giants Coca Cola, Goodman Fielder and Fonterra between them between 2001 and 2004, said a statement from New Zealand's Commerce Commission.
"Preventing price fixing is important to protect New Zealanders from anti-competitive conduct, and the substantial penalty the court awarded should be a deterrent to others," commission chairman Mark Berry said in the statement.
The Federal Court of Australia had earlier imposed penalties of 36 million AU dollars (32.37 million U.S. dollars) against Visy and 500,000 AU dollars against Carroll after convictions on similar charges.
The New Zealand court penalty, which was recommended to the court by both the commission and Visy, included a discount for Visy's admissions.
