SIA Cargo pleads guilty to price fixing
30 / 11 / 2010
SINGAPORE Airlines (SIA) Cargo has agreed to plead guilty and to pay a US$48 million fine for its part in a conspiracy to fix prices.
According to the US Department of Justice (DoJ), the company fixed cargo rates charged to certain of its customers for international air shipments from February 2002 to February 2006. Under the plea agreement, which is subject to court approval, SIA Cargo has also agreed to cooperate with the DoJ’s ongoing investigation.
The company could have been fined $100 million.
Including today’s charge, as a result of this investigation, a total of 20 airlines and 17 executives have been charged in the Justice Department’s ongoing investigation into price fixing in the air transportation industry. To-date, more than $1.7 billion in criminal fines have been obtained and four executives have been sentenced to serve prison time. Charges are pending against the remaining 13 executives.