THREE major forwarders, BAX Global, Schenker and Panalpina, have been fined NZ$5.2 million (US$4.2 million) for colluding to fix air cargo fees to and from New Zealand.

    The High Court ordered them to pay after a successful Commerce Commission prosecution, reported Radio New Zealand. EGL and Geologistics International have already settled, bringing total fines to NZ$8.9 million. The case against Kuehne + Nagel is pending.

    The Commerce Commission says it started its investigation three years ago, after one of the firms involved came forward with information in return for leniency. In 2006, forwarding services generated revenue of about NZ$450 million.

(Resource:www.shippingonline.cn)