Asia Pacific cartel fines increase despite global decline
Global fines for cartels have dropped by 65 per cent in US dollar terms in the first half of 2016 but Asia-Pacific is bucking the trend.
A report from Allen & Overy shows that there have been U$1.1 billion of fines globally, down from $3.17 billion in the first half of 2015. However, more than half of this year’s total so far has been from Asia-Pacific.
Korea’s Fair Trade Commission alone has increased fines by 95 per cent, the law firm says, and it also imposed the largest single fine of the year so far; U$305.6 million against a cartel of 13 companies accused of rigging bids for LNG construction companies.
John Terzaken, global co-head of Antitrust at Allen & Overy comments: “Lower levels of fines are by no means a reflection of a softening by the authorities and should not be seen as a sign that cartel enforcement is being approached with any less vigour.”
The drop in global fine levels is partly due to the cyclical nature of enforcement with a number of high-profile investigations concluding last year compared to 2016.
42 lawyers promoted at global law firm’s Aussie offices
Herbert Smith Freehills has promoted 42 lawyers to senior associate across its Australian offices. The promotions are effective 1st
July 2016 and span the corporate, disputes, finance, real estate, projects and employment practices in Sydney, Melbourne, Brisbane and Perth. More than 70 per cent of the promoted lawyers are female.
PwC appoints Julie McKay to advisory position
One of Australia’s leading diversity advocates has been appointed to a full time advisory role at PwC Australia.
Julie McKay is a former executive director of UN Women in Australia and has also been the gender advisor to the Chief of Defence Force as well as working with businesses.
She has been on PwC’s advisory board since 2015 but will now take a full time role, as a partner of the firm and taking responsibility for PwC’s diversity and inclusion advisory business, as well as overseeing diversity and inclusion strategies and targets across PwC’s Australian business which includes the legal services division.