Swiss competition body fines airlines
International airlines fined a total of $12 million for fixing airfreight prices as much as a decade ago.
January 15, 2014
Switzerland’s competition watchdog WEKO has fined 11 airlines for fixing airfreight prices as much as a decade ago, a move that follows similar investigations by authorities in the U.S. and European Union.
The Competition Commission, also known by the German-language acronym WEKO, said in a statement the airlines were fined a total of 11 million Swiss francs ($12 million).
The Swiss investigation found the carriers had agreed on a variety of elements that affected the pricing of airfreight transportation. Those included freight rates, and surcharges for fuel and clearing U.S. customs. The commission said the activities constituted “serious infringements” of Switzerland’s Cartel Act.