ANA makes $156m provision for possible price-fixing fine

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Japan’s All Nippon Airways (ANA) has booked an extraordinary loss of more than $150 million to cover possible fines related to alleged anti-competitive behaviour in airfreight pricing.

The Star Alliance carrier reveals in a statement issued after the release of its financial results for the fiscal year ended 31 March that it recorded an extraordinary loss in its accounts of ¥16.2 billion ($156 million).

It says the extraordinary loss has been booked to prepare for possible fines related to any findings that it engaged in anti-competitive behaviour in setting airfreight transport prices. Several other international carriers, including home-based Japan Airlines, have already paid hefty fines for their involvement in airfreight price-fixing activities that have been under investigation for some time by European and US authorities.

 
 © All Nippon Airways

ANA says it has been co-operating fully with the European Commission in its ongoing probe and “has thoroughly investigated the allegations through its lawyers”. It adds that it chose to book the 16.2 billion extraordinary loss “to prepare for the possibility of a future loss relating to this matter”.

It notes, however, that the ¥16.2 billion “is an estimate only and may be revised in line with changes as they arise”.

Source: Air Transport Intelligence news