Thursday, June 14, 2012

MASkargo to pay RM20.5m penalty

MASkargo to pay RM20.5m penalty

MASkargo has agreed to pay a penalty of A$6 million and contribute A$500,000 to the Australian Competition and Consumer Commission's (ACCC) legal costs (approximately RM20.5 million) in five installments over 24 months to settle an alleged price fixing litigation.

Under the terms of the settlement, MASkargo admits - for the purpose of the proceedings only - that it reached an understanding with certain airlines regarding the level of fuel surcharges from 2002-2005, security surcharges from 2001-2005 and customs fees from 2004-2005, to be applied in relation to the supply of services from Indonesia to Australia, said MASkargo in a statement.

MAS and MASkargo were served with a Statement of Claim by the ACCC on April 9, 2010. The settlement ends the ACCC’s claims against MAS and MASkargo in relation to the alleged price fixing of surcharges relating to certain air freight services, MASkargo said.

Today, the Federal Court of Australia made orders consistent with an agreement between Malaysia Airlines (MAS), MASkargo and the ACCC to settle the Air Freight litigation.

MASkargo said the settlement follows that by Qantas, British Airways, Air France/KLM, Cargolux, Martinair, Japan Airlines and Korean Airlines.

It also keeps legal costs to a minimum and allows MAS to focus fully on further strengthening its business, it added.

MAS and its group companies are committed to complying with all applicable laws, including competition laws, in their countries of operation.

Since the time of the events relating to the admission in the Air Cargo litigation, MAS and MASkargo have revised their competition compliance policies and training, to prevent any conduct that might be alleged to be in breach of any competition laws, further supporting a culture of compliance.

MASkargo Sdn Bhd (formerly known as Malaysia Airlines Cargo Sdn Bhd) is the air cargo division of Malaysia Airlines.

It operates two B747-400F and four A330-200F covering the world's major cargo hubs, and also offers belly space capacity on Malaysia Airlines passenger fleet serving almost 100 destinations worldwide. -- Bernama

Publish date: 14/06/12

No comments:

Post a Comment

Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)

乔治·索罗斯(George Soros)



高估期间, 卖对, 不卖也对, 买是错的。
低估期间, 买对, 不买也是对, 卖是错的。

Tan Teng Boo

There’s no such thing as defensive stocks.Every stock can be defensive depending on what price you pay for it and what value you get,
  • Selected Indexes 52 week range

  • Margin of Safety

    Investment Clock

    World's First Interactive Investment Clock