Friday, December 21, 2012
SIA: NZ High Court orders SIA Cargo to pay NZ$4.1m penalty for price fixing, as part of pre-trial settlement. This is in relation to the air cargo cartel case brought by regulator. SIA Cargo admitted liability for agreeing fuel, security surcharges for cargo flown to NZ. This follows the A$11.75m slapped on SIA Cargo by the Australian Federal Court just two wks ago. Nevertheless, market reaction to the previous fine was barely noticeable, hence unlikely for this latest fine to have much impact on SIA share price either.