Uncategorized

European Union fines major airlines $1.2 bn for cartelising cargo prices

Brussels, Nov 10 (DPA) The European Union‘s executive Tuesday fined 11 major airlines, including Air France-KLM, British Airways, Cathay Pacific, Japan Airlines and Singapore Airlines, 799.5 million euros ($1.2 billion) for cartelising cargo prices over a six-year period.

The fine, one of the biggest in the EU’s history, came after German airline Lufthansa blew the whistle on the long-running operation in return for immunity from prosecution.

‘With today’s decision, the European Commission is sending a clear message that it will not tolerate cartel behaviour,’ EU Competition Commissioner Joaquin Almunia told journalists in Brussels.

The fine came after the commission ruled that the airlines had colluded to fix cargo prices by coordinating fuel and security surcharges.

Air France-KLM faced the largest penalty, with its joint fine coming in at over 300 million euros. British Airways came in second, with a 104-million-euro fine.

Other airlines involved are Air Canada, Cargolux, LAN Chile, Martinair, SAS, and Qantas.

Leave a Reply

Your email address will not be published. Required fields are marked *