Japan’s competition oversight agency rejected an appeal from Yusen Logistics of the freight forwarder’s fine for violating antitrust laws in a global air freight pricing conspiracy, according to Yusen.
Yusen was one 12 companies the Japan Fair Trade Commission cited in 2009 for taking part in a global price-fixing cartel, part of a conspiracy that has enveloped airlines and forwarders around the world and triggered billions of dollars in fines and sent several former carrier executives to jail.
The JFTC fined Yusen, the Tokyo-based logistics arm of ocean carrier NYK Line, $21.6 million and Yusen contested the fine.
According to the JFTC, the 12 companies negotiated the arrangement at meetings of the Japan Aircargo Forwarders Association from 2004 to 2007.
In the fiscal year ending March 31, 2009, Yusen Logistics saw its group net profit dive 85.1 percent from a year earlier to $13.5 million, largely because of antitrust penalty.
Yusen Logistics said in a statement it will decide whether to appeal the JFTC’s rejection of its complaint to the Tokyo High Court after “scrutinizing” the JFTC’s latest decision.
Contact Hisane Masaki at email@example.com.