July 18 - Following an investigation by the Australian Competition and Consumer Commission (ACCC), Nippon Yusen Kaisha (NYK) has pleaded guilty to criminal cartel conduct in the Federal Court.
"This is the first criminal charge laid against a corporation under the criminal cartel provisions of the Competition and Consumer Act," said ACCC chairman Rod Sims.
"This matter relates to alleged cartel conduct in connection with the transportation of vehicles, including cars, trucks, and buses, to Australia between July 2009 and September 2012."
According to the ACCC, the maximum fine for each criminal cartel offence for corporations will either be: greater than AUD10 million (USD7.5 million); three times the total benefits that have been obtained and are reasonably attributable to the commission of the offence; or if the total value of the benefits cannot be determined, 10 percent of the company's annual turnover connected with Australia.
The ACCC advised that its investigation into other alleged cartel participants is continuing.
The matter is next scheduled for a directions hearing in the Federal Court on September 12, 2016, said the ACCC.
NYK's new ro-ro ship, Iris Leader, recently made its first US port call at Jaxport in Florida.