Polar set to pay US$17 million fine
Polar to pay fine for its involvement in the air cargo price fixing
Polar Air Cargo will pay US$17.4 million fine to the US Government after pleading guilty to involvement in the air cargo price fixing scheme.
Anti-trust prosecutors alleged Polar Air Cargo (Polar LLC), a wholly owned subsidiary of Atlas Air Worldwide Holdings (AAWW), and other air cargo parties fixed prices for certain customers moving cargo between the US and Australia between 2000 and 2003. The deal with prosecutors still requires a judge’s approval.
Polar pledged to co-operate with the continuing investigation, which has so far seen the US Justice Department charge 17 airlines with price fixing and hand out fines totalling some $1.6bn.
Last week, the courts approved a $38 million fine for Northwest Airlines for its role in the conspiracy.
William Flynn, President and Chief Executive Officer of AAWW said: "We are glad to put this matter behind us.
“It is important to note that it involves conduct that began in 2000, almost two years before Polar LLC was acquired by AAWW.
“The matter occurred before Polar LLC’s emergence from bankruptcy in July 2004 and relates to a period more than seven years ago.
“It is also important to note that none of Atlas Air, Polar Air Cargo Worldwide, or any of AAWW’s current board or senior management were involved in or are implicated in this investigation.”
Anti-trust prosecutors alleged Polar Air Cargo (Polar LLC), a wholly owned subsidiary of Atlas Air Worldwide Holdings (AAWW), and other air cargo parties fixed prices for certain customers moving cargo between the US and Australia between 2000 and 2003. The deal with prosecutors still requires a judge’s approval.
Polar pledged to co-operate with the continuing investigation, which has so far seen the US Justice Department charge 17 airlines with price fixing and hand out fines totalling some $1.6bn.
Last week, the courts approved a $38 million fine for Northwest Airlines for its role in the conspiracy.
William Flynn, President and Chief Executive Officer of AAWW said: "We are glad to put this matter behind us.
“It is important to note that it involves conduct that began in 2000, almost two years before Polar LLC was acquired by AAWW.
“The matter occurred before Polar LLC’s emergence from bankruptcy in July 2004 and relates to a period more than seven years ago.
“It is also important to note that none of Atlas Air, Polar Air Cargo Worldwide, or any of AAWW’s current board or senior management were involved in or are implicated in this investigation.”
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