NYK hit by criminal cartel case in Australia

By Finance

Japan’s Nippon Yusen Kaisha (NYK) is in trouble in Australia where the competition watchdog has launched a criminal prosection into NYK’s “cartel behaviour”, according to The Australian newspaper.

NYK hit by criminal cartel case in Australia

The Australian Competition and Consumer Commission filed a criminal indictment of NYK on Thursday. No details of the case have been revealed yet.

If found guilty, 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.

Source: splash247.com