ANA fined US$73 million

Japan's All Nippon Airways has agreed to pay US$73 million fine to the US government in connection with a US Department of Justice investigation into an international air freight, price-fixing cartel.
"We have decided that it is in our best interests to consent to a plea bargain after we considered various circumstances," ANA was cited as saying in a statement reported by Mainichi Japan Daily News.
The airline also said it has been fully cooperating since February 2006 with the probe into the alleged price-fixing cartel that has netted some major European and Asian carriers and landed them with million-dollar fines.
"Our company will enhance our compliance regime further and observe the Antimonopoly Law and related laws by taking the latest development seriously," it said.
ANA also agreed to pay $10.4 million in damages to settle a civil lawsuit filed in the US by freight forwarders and other relevant parties in connection with the cartel, the report said.
The airline said it has booked a one-time loss of JPY6.9 billion (US$85.68 million) in closing its books for the April-September first half of fiscal 2010 in connection with the payments.
It also said it will reduce the basic wages of president Shinichiro Ito and vice president Shin Nagase by 30 per cent and 20 per cent, respectively, for one month.
The US Justice Department earlier fined Japan Airlines and Nippon Cargo Airlines for their involvement in the cartel.

Source: Transportweekly