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First criminal cartel conviction: some initial thoughts ?>

First criminal cartel conviction: some initial thoughts

In brief Yesterday (3 August 2017) the Federal Court convicted and fined Nippon Yusen Kabushiki Kaisha (NYK) for cartel conduct.  The fine is significant in that it represents the first time that a corporation has been convicted and fined under the criminal cartel laws, introduced in Australia in 2009. The cartel conduct the subject of the proceeding was said to have occurred since 1997 but, because Australia’s criminal cartel laws were only introduced in 2009, the charge related only to…

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First criminal cartel fine: $25 million ?>

First criminal cartel fine: $25 million

First criminal cartel fine The Federal Court today convicted Nippon Yusen Kabushiki Kaisha (NYK) of criminal cartel conduct and ordered it to pay a fine of $25m (Commonwealth Director of Public Prosecutions v Nippon Yusen Kabushiki Kaisha [2017] FCA 876). This was the first successful prosecution under Australia’s criminal cartel provisions which have been in place since 2009. The fine includes a significant discount (50%) for an early guilty plea, cooperation and contrition). Quick summary and background In 2016, following…

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