JOC Staff | Dec 19, 2012 11:56AM EST
Swiss competition regulators fined four international logistics companies — locally-based Kuehne+Nagel and Panalpina, Germany’s Deutsche Bahn/Schenker and Agility of Kuwait — for their role in a global cartel that fixed air cargo prices between 2003 and 2007.
The combined fines of 6.2 million francs ($6.8 million) levied by the Swiss competition authority, Comco, follow much heftier penalties imposed by the European Commission earlier in the year following its investigation of the cartel.
Panaplina was fined $3.4 million, and domestic rival Keuhne+Nagel faces a $1.28 million penalty. Deutsche Bahn and Agility face lower fines of $1.1 million and $980,000 after cooperating in the inquiry.
The European Commission fined 13 logistics companies a total of $225 million in March for participating in the cartel that fixed currency adjustments and surcharges for international air freight.
The Swiss firms were the hardest hit, with Kuehne+Nagel fined $70.8 million and Panalpina $61.4 million. The companies were fined $12.9 million and $15.8 million respectively in the U.S. for their role in the cartel.