Visy Fined Record-Setting $33M For Price-Fixing

Law360, New York (November 2, 2007, 12:00 AM EDT) -- The Australian competition watchdog on Friday said it has slapped packaging company Visy Holdings Ltd. with a record-setting $33 million penalty for creating a cardboard box cartel, confirming speculation that began swirling last month.

The $33 million (AUS $36 million) fine, the highest the Australian Competition and Consumer Commission has ever set, includes a penalty against Visy owner Richard Pratt.

In addition to that sum, recently retired Visy Chief Executive Harry Debney was ordered to shell out nearly $1.4 million (AUS $1.5 million) for taking part...
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