Manufacturing Industry
Fine of GBP121.5m imposed on BA for price fixing
Airline Industry Information, August 1, 2007
AIRLINE INDUSTRY INFORMATION-(C)1997-2007 M2 COMMUNICATIONS LTD
A fine of GBP121.5m is to be paid by UK-based carrier British Airways after the airline admitted that it had attempted to fix the prices of fuel surcharges.
The fine, which has been imposed by the Office of Fair Trading, is reportedly the largest of its kind to be given in relation to the breaking of competition law.
In addition a separate fine is scheduled to be imposed on the carrier by the US Department of Justice (DoJ) later today (1 August).
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According to The Guardian BA has admitted that, between August 2004 and January 2006, it colluded with Virgin Atlantic over the surcharges added to ticket prices in response to rising oil prices. Virgin Atlantic reportedly informed the OFT of BA's breach of competition law and as such has been granted immunity.
The OFT and the DoJ began looking into BA's price-fixing in June 2006, with BA stating in May that it had set aside GBP350m to cover fines and the costs of legal action, the BBC reported.
A criminal investigation into events is still be conducted by the OFT and DoJ.
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