Korean Air Lines Co Ltd was fined A$5.5 million ($5.5 million) by an Australian court for its part in a cargo price fixing cartel.

    The Australian competition watchdog in a statement said penalties so far against eight airlines for participating in an air freight cartel amounts to A$52 million.

    Proceedings are ongoing against Singapore Airlines , Emirates, Air New Zealand, Malaysian Airlines, Thai Airways International and Cathay Pacific, the Australian Competition Commission said on Friday.

    The fines pertain to international carriage of freight from Indonesia to destinations across the world including Australia.

(source:http://www.ajot.com/welcome.asp)