Cathay agrees to pay C$1.5m fine for cargo cartel involvement

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Cathay Pacific will pay a fine of C$1.5 million ($1.43 million) to Canadian competition regulators over its involvement in a global cargo cartel.

The Oneworld carrier said in a disclosure to the Hong Kong Stock Exchange that Ontario's superior court of justice has approved the plea deal with the Competition Bureau of Canada, under which it pleads guilty to one count of price fixing on air cargo surcharges.

Cathay has also previously agreed to pay fines over similar cases in New Zealand, Australia and Europe.