Speaking at the International Bar Association’s (IBA) ninth Competition Mid-Year Conference held in Sydney last week, Rod Sims confirmed that the ACCC is currently involved in more than ten in-depth cartel investigations, reports Lawyers Weekly.
Consumer welfare
Mr Sims said that some firms of conduct are ‘so detrimental to consumer welfare and the competitive process that we will always assess them as a priority’.
He also pointed out that watchdog has a cartel immunity policy in force, which offers immunity to the first to disclose and cooperate, as the lead source of information for cartel investigations. According to the report, the scheme has attracted more than 100 approaches since its introduction in 2005.
Recent action
At the conference, Mr Sims also revealed that 13 airlines have been ordered by the Federal Court to pay a total of $98.5 million in penalties for cartel activity, while the ACCC’s most recent action was taken against Japanese company Yazaki Corporation and its Australian subsidiary, Australian Arrow Pty Ltd.
Email your news and story ideas to: [email protected]
