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Japanese Shipper Pleads Guilty to Price Fixing
Japan’s Nippon Yusen Kabushiki Kaisha, one of the world’s largest ocean shipping companies, has pleaded guilty to rigging prices to transport cars, trucks and buses to Australia.
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Japan’s Nippon Yusen Kabushiki Kaisha, one of the world’s largest ocean shipping companies, has pleaded guilty to rigging prices to transport cars, trucks and buses to Australia.
NYK admits fixing prices between 2009 and 2012. The company faces a criminal fine of at least A$10 million ($8 million). Penalties are scheduled to be determined at a hearing on Sept. 12.
The company’s wrongdoing was discovered by the Australian Competition and Consumer Commission. The criminal charge is the first against a corporation under the country’s competition and consumer law, according to The Wall Street Journal.
The commission’s probe is part of a global investigation begun in 2012 in China, Japan, South Africa and the U.S. Last week Norwegian shipper Wallenius Wilhelmsen Logistics AS agreed to pay a $99 million criminal fine in the U.S. for conspiring to manipulate prices on vehicle shipments to and from the U.S.
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