Japan’s Nippon Yusen Kaisha has pleaded guilty to criminal cartel behavior at Australia’s federal court.
On Friday, Splash reported the Australian Competition and Consumer Commission (ACCC) had brought charges against NYK, one of the world’s largest shipping lines.
“This is the first criminal charge laid against a corporation under the criminal cartel provisions of the Competition and Consumer Act,” ACCC chairman Rod Sims said in a statement today.
“This matter relates to alleged cartel conduct in connection with the transportation of vehicles, including cars, trucks and buses, to Australia between July 2009 and September 2012,” he added.
Sentencing is likely in September. NYK faces hefty fines of up to A$10m ($7.64m), 10% of its annual turnover or three times their ill-gotten gains, whichever is larger, while individuals can be jailed for up to 10 years.
NYK has had its fair share of cartel strife of late. In March this year an NYK employee in the US was jailed for 15 months following a car carrier price fixing probe.
In March 2014 Japan’s Fair Trade Commission ordered NYK to pay Y13bn ($12.2m) on another price fixing misdemanour.