Asia Pacific cartel fines increase despite global decline

by Steve Randall23 Jun 2016
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.
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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.
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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.
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