The case involved a number of money transfer businesses fixing Australian Dollar/Vietnamese Dong exchange rates and fees they charged customers over a period of five years. In addition to the prison sentences for the individuals concerned, one of the businesses was fined A$1 million.

The court said that penalties imposed for cartel conduct need to be of sufficient significance to deter possible offenders, and it was critical of the individuals’ explanations of their conduct, which included that they were ignorant of the law.

New Zealand Case
The High Court of New Zealand imposed penalties totalling more than $9.7 million on freight forwarding companies (and individuals associated with the companies), for engaging in cartel conduct. Proceedings brought by the Commerce Commission alleged that the defendants breached cartel laws by agreeing with their competitors not to compete for customers. The behaviour included a defendant:

• not approaching customers of a competitor;
• declining to quote and withdrawing quotes it had given those customers;
• not competing for those customers, either generally or in respect of particular types of freight; and
• designating competitors “Hands Off” in an internal list.