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Cao Cao
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Dec 1, 2010
US PRICE FIXING PROBE
SIA accepts US$48m fine
A Singapore Airlines Cargo plane. The airline also pleaded guilty to fixing cargo rates on shipments to and from the US. -- ST PHOTO: ONG CHIN KAI
WASHINGTON - SINGAPORE Airlines Cargo has agreed to pay a US$48 million (S$63.4 million) criminal fine for its role in a vast price fixing scam, the US Justice Department said on Tuesday.
The airline has also pleaded guilty to fixing cargo rates on shipments to and from the United States between 2002 and 2006. The airline is just the latest in a series of companies to admit guilt as a result of a wide-ranging US probe.
'Under the plea agreement, which is subject to court approval, Singapore Airlines Cargo has also agreed to cooperate with the department's ongoing antitrust investigation,' the Justice Department said.
A total of 20 airlines and 17 executives have now been charged in the Justice Department's investigation, which has also raked in US$1.7 billion in fines. -- AFP
