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« Ethical » rating of Visy
, group
Pratt, Richard
and subsidiaries
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Fraud 2
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Business & marketSubsidiariesLocations & production
| shareholder | country | % | source |
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year | financial misdemeanor | | | | | source |
| 2007 |
The Federal Court of Australia imposed a 33.5 million US$ fine on cardboard box company Visy after finding a secret pricing deal with rival firm Amcor breached anti-trust laws. "This is the worst cartel to come before the courts in 30-plus years," judge Peter Heerey said as he handed down a penalty that more than doubled the previous Australian record fine for cartel behaviour. Visy and Amcor agreed not to try to poach the other's customers in order to maintain their duopoly and to discourage any other rivals gaining a foothold in the Australian market. The Australian Competition and Consumer Commission (ACCC) told the court that the deal between the two dominant players in Australia's packaging industry was "very carefully and deliberately concealed." "It was a premeditated fraud on Australian consumers," ACCC chairman Graeme Samuel said. "Cartels are based upon greed, companies and executives line their pockets by defrauding the community. "Anyone in the past who has bought a block of chocolate or a piece of fruit packed in a box made by Visy or Amcor has probably been ripped off." Soft drink manufacturer Cadbury Schweppes launched a 120 million dollar damages claim against Amcor late last year, alleging the cartel meant it was "grossly overcharged" between 2000 and 2004. Other Amcor-Visy clients are reportedly planning a separate class action seeking 300-700 million dollars in damages. |
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| year | financial misdemeanor | sales | income | assets | buyback | source |
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