Cathay Pacific to pay A$11.8m penalty to ACCC

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Cathay Pacific has settled a court case brought against it by Australia's competition regulator over its role in a cargo price-fixing cartel.

The airline will pay Australian dollars (A$) 11.8 million ($12.3 million) to the Australian Competition and Consumer Commission (ACCC) for violating certain parts of the Australian Trade Practices Act under a settlement that has been approved by the Federal Court of Australia.

The fine includes a penalty of A$11.3 million and a contribution of A$500,000 towards the ACCC's legal costs.

Cathay is the latest airline to reach a settlement with the ACCC over collusion with other airlines on customs, fuel and security charges on cargo shipments between 2003 and 2006. Other carriers, including British Airways, Qantas Airways and Air France-KLM, have also reached settlements with the ACCC over the collusion.