Reuters: Regulatory News: UPDATE 1-Canada fines LATAM Airlines for cargo price-fixing

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UPDATE 1-Canada fines LATAM Airlines for cargo price-fixing Aug 20th 2013, 23:43 Tue Aug 20, 2013 7:43pm EDT OTTAWA Aug 20 (Reuters) - A Canadian court fined LATAM Airlines Group SA C$975,000 ($938,000) after the carrier admitted taking part in an air cargo price-fixing cartel, Canada's Competition Bureau said on Tuesday. The Chile-based airline's guilty plea related to fuel surcharges it imposed on international air cargo shipments from Canada to South America and elsewhere between March 2003 and February 2006, the bureau said in a statement. "LAN Cargo has cooperated closely with Canadian authorities throughout the investigation process," said LATAM in a response statement emailed to Reuters, and has since strengthened its internal controls. The investigation did not involve LATAM's air passenger business, it added. The airline is the ninth to be convicted as part of a Canadian investigation into cargo price-fixing that has resulted in fines exceeding C$25 million so far. "The bureau's investigation into the alleged conduct of other air cargo carriers continues," the competition bureau said in its statement. Other carriers that have pleaded guilty to fixing cargo surcharges include Cathay Pacific Airways Ltd, Air France-KLM SA, Cargolux Airlines International SA , British Airways, Martinair Holland NV , Qantas Airways Ltd and Korean Air Lines Co Ltd. Link this Share this Digg this Email Reprints

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