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CCS has been pretty aggressive...

CCS fines 10 freight forwarders for price fixing

The Competition Commission of Singapore (CCS) has fined 10 freight forwarding companies a combined S$7.2 million for infringing section 34 of the Competition Act.

CCS said 11 companies and their Singapore subsidiaries were found to have infringed the Act, but one escaped being penalised as it qualified for full immunity under CCS’s leniency programme.

The companies were said to have collectively fixed certain fees and surcharges, and exchanging price and customer information in relation to the provision of air freight forwarding services for shipments from Japan to Singapore.

This is CCS’s second international cartel case involving foreign-registered companies and their Singapore subsidiaries or affiliates. The first case involved four Japanese ball bearing manufacturers that were fined S$9.3 million for taking part in a conspiracy to fix the prices, CCS’s largest financial penalty levied so far.

Mr Toh Han Li, chief executive of CCS, said: “Price fixing among competitors is considered one of the most harmful types of anti-competitive conduct. It distorts the terms of trade between carte lists and their customers, with the latter not being able to enjoy competitively determined rates. As an open economy, Singapore businesses are vulnerable to such international cartel.”
http://www.todayonline.com/business/ccs-...ice-fixing

Hope they are aggressive to petrol companies also.

Pretty good job they are doing, thumbs up.

-- via Xperia Z1 with tapatalk

(11-12-2014, 03:56 PM)CityFarmer Wrote: [ -> ]CCS has been pretty aggressive...

CCS fines 10 freight forwarders for price fixing

The Competition Commission of Singapore (CCS) has fined 10 freight forwarding companies a combined S$7.2 million for infringing section 34 of the Competition Act.

CCS said 11 companies and their Singapore subsidiaries were found to have infringed the Act, but one escaped being penalised as it qualified for full immunity under CCS’s leniency programme.

The companies were said to have collectively fixed certain fees and surcharges, and exchanging price and customer information in relation to the provision of air freight forwarding services for shipments from Japan to Singapore.

This is CCS’s second international cartel case involving foreign-registered companies and their Singapore subsidiaries or affiliates. The first case involved four Japanese ball bearing manufacturers that were fined S$9.3 million for taking part in a conspiracy to fix the prices, CCS’s largest financial penalty levied so far.

Mr Toh Han Li, chief executive of CCS, said: “Price fixing among competitors is considered one of the most harmful types of anti-competitive conduct. It distorts the terms of trade between carte lists and their customers, with the latter not being able to enjoy competitively determined rates. As an open economy, Singapore businesses are vulnerable to such international cartel.”
http://www.todayonline.com/business/ccs-...ice-fixing

Some bullets have been fired (figuratively) but who knows what might could have really transpired (I'm being a conspiracy theorist). In recent times, only ever trusted Chinese is to get the short end of the stick...