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News >> Asia Pacific

The Australian Competition and Consumer Commission (ACCC) has announced that the Federal Court of Australia has handed down its decision in Australian Competition and Consumer Commission v Flight Centre Limited (No 3) [2014] FCA 292 (28 March 2014) fining travel agent Flight Centre A$11 million for breaching the Trade Practices Act 1974 (Cth) (now known as the Competition and Consumer Act (2010) 1974 No. 51 (Cth)) between 2005 and 2009.

Published in Competition

The Australian Securities and Investments Commission (ASIC) has announced that Australian and New Zealand Banking Group Ltd (ANZ) has responded to certain ASIC concerns for consumer protection by:

Published in Consumer Protection

The New Zealand (NZ) Commerce Commission has welcomed the High Court's decision to fine forest products company Carter Holt Harvey NZ$1.85 million for price fixing in the Auckland commercial timber market. According to the Commerce Commission, Carter Holt Harvey "entered into an understanding with [Fletcher Distribution (Placemakers)], in late 2012, to fix prices for the supply of structural timber to commercial customers in Auckland".

Published in Competition

The Australian Securities and Investments Commission (ASIC) has released Report 387 - Penalties for corporate wrongdoing (March 2014). The report "reviews penalties in Australia for corporate wrongdoing to assess whether they are proportionate and consistent", both in comparison with certain overseas jurisdictions and within the Australian context, and will inform ASIC's submission to the federal government's Financial System Inquiry (further information). The report considers market misconduct and financial services misconduct, but does not include statutory directors' and officers' duties in its analysis.

Australian state of New South Wales (NSW) Resources Minister Anthony Roberts has announced that the NSW government has refused five petroleum exploration licence applications (PELAs) lodged by Grainger Energy Pty Ltd (Grainger Energy) that covered 43,100 square kilometres of land. Mr Roberts explained that Grainger Energy "has one owner/director, was formed just six days prior to lodging its application, has no history of conducting petroleum exploration activities and has submitted a manifestly deficient application".

The Australian Securities and Investments Commission (ASIC) has released Report 386 - ASIC supervision of markets and participants: July to December 2013 (March 2014), which "summarises key operational statistics and outcomes of ASIC's market and participant supervisory functions in relation to [Australian market licensees] for the period 1 July [2013] to 31 December 2013".

Published in Insider Trading

Solar Company Sanctioned for Misleading Behaviour

13 Mar 2014
Written by World Watch

The Department of Commerce (DoC) of the Australian state of Western Australia (WA) has announced that solar company Total Action Pty Ltd and its director Charles Posselt have been fined a total of A$18,000 for "misleading a consumer regarding the warranty on a product, and for breaching unsolicited trading laws".

Published in Consumer Protection

Telco Fined for Online Data Breach

13 Mar 2014
Written by World Watch

The Office of the Australian Information Commissioner (OAIC) and the Australian Communications and Media Authority (ACMA) have released reports regarding a data breach which saw the information of 15,775 customers of telecommunications services provider Telstra becoming accessible online between February 2012 and May 2013:

The Australian Competition and Consumer Commission (ACCC) has announced that the Federal Court of Australia has handed down its decision in Telstra Corporation Limited v Vocus Fibre Pty Ltd [2014] FCA 198 (12 March 2014), dismissing an application by Australia's largest telecommunications provider Telstra that sought judicial review of the ACCC's jurisdiction to arbitrate disputes notified under the Telecommunications Act 1997 No. 47 (Cth).

Published in Consumer Protection

Asahi Holdings (Australia) (Asahi) is expected to accept a A$200 million settlement of its A$500 million claim against Pacific Equity Partners (PEP) and Unitas Capital (Unitas). Asahi reportedly alleges that PEP and Unitas provided it with inflated sales figures of Independent Liquor (NZ) (Independent Liquor), which Asahi acquired from a joint venture company formed by PEP, Unitas and others in 2011 (further information).

Published in Financial Integrity

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