Release time : 2015-06-15 09:32:49
Australia to adopt similar federal laws as other continents for Price Fixing Cartel Agreements.
Corporate cheats now face up to 10 years jail bringing Australia in line with the US as the highest jail term in the world for cartel activity.
The Water Pump Bearings Industry of Conduct in its submission to government stated "Cartels harm consumers, businesses and the economy, by companies fixing prices or reducing choice or distorting the ordinary processes of competition"
The BICC submission, mainly generated from the price fixing Cartel guilty verdict of SKF, Schaeffler, NSK, KOYO, SNR-NTN by the French Court.
Furthermore, the SKF spokesperson claimed an appeal would be lodged against the 19.1 Million Euros penalty, however the appeal lapsed without any of the guilty Needle Ball Bearings manufacturers apologising. A Class Action is pending subject to legal argument.