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Cathay hit with $476m fine

Business | Esther Yu Mar 20, 2017
Cathay Pacific (0293) yesterday said that the European Commission has issued a new decision, re-imposing a 57.12 million euro (HK$476.48 million) fine on the carrier.

It said the fine stems from its agreement with other international cargo carriers on cargo surcharge levels that violated European competition law.

Cathay said it is reviewing the new decision and evaluating its options with its legal advisers.

In December 2015, the European Union's general court annulled the EC's finding against Cathay and the 57.12 million euro fine was refunded to the carrier.

Last week, Cathay said that it incurred a HK$575 million loss in 2016, but it vowed to slash costs by about 30 percent.



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