Japanese shipping line, Nippon Yusen Kabushiki Kaisha Line (NYK), pleaded guilty to criminal cartel conduct in Australia’s Federal Court today (Monday).
This follows an investigation by the Australian Competition Consumer Commission (ACCC), which defines criminal cartel conduct as “a collusion between companies which is designed to drive up the profits of the respective cartel members while maintaining the illusion of competition”.
Rod Sims, chairman of the ACCC, said in a statement that this was the first criminal charge laid against a corporation under the criminal cartel provisions of the Australian Competition and Consumer Act.
The maximum fine for a criminal cartel offence is US$10 million.
A charge was laid by the Commonwealth Director of Public Prosecutions (CDPP) on 14 July 2016 around the shipment of vehicles – cars, trucks, and buses – which were imported into Australia from July 2009 to September 2012.
The Tokyo-based NYK Line is one of the world’s largest shipping companies, with over 33 000 employees worldwide .The ACCC is also investigating other companies that they believe were involved in the collusion.
A hearing is scheduled for September 12 this year in the Australian Federal Court.
