Nufarm execs take ComCom case to the Supreme Court

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

The Commerce Commission is facing another hurdle in its campaign to prosecute those behind price fixing even if they live outside New Zealand – the organisation now has to argue for the right at the Supreme Court.

Both the High Court and the Court of Appeal have supported the Commerce Commission right to prosecute Nufarm executives Elias Akle and Andrew Poynter for price fixing even though they weren’t in New Zealand at the time the offending took place.

But now Mr Akle and Mr Poynter have taken their case to the Supreme Court so a final decision on whether the Commerce Commission has the right to prosecute. The Supreme Court has approved the appeal process.

The case relates back to price fixing by three Nufarm companies, which operated the Fernz Timber Protection brand, and resulted in the company being fined $1.9 million for price fixing and market sharing with competitor Koppers Arch.

Messrs Akle, Harris and Poynter had tried to avoid being prosecuted for their role, arguing that because the activity had not happened here they could not be prosecuted.

This court case is important because it will define whether agreements that breach the Commerce Act and were entered into overseas – but are aimed at New Zealand markets – can be the subject of legal action here.
 


This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7680 0.0000 0.00%
AUD 0.9866 0.0000 0.00%
EUR 0.7101 0.0000 0.00%
GBP 0.5130 0.0000 0.00%
HKD 5.9663 0.0000 0.00%
JPY 91.3140 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1202.7 5.690 2015-04-17T00:
Oil Brent 63.5 1.740 2015-04-17T00:
Oil Nymex 55.7 -1.000 2015-04-17T00:
Silver Index 16.2 -0.050 2015-04-17T00:

Indices

Symbol Open High Last %
NZX 50 5881.8 5884.7 5881.8 -0.34%
NASDAQ 4966.1 4974.1 5007.8 -1.52%
DAX 11942.4 12019.8 11998.9 -2.58%
DJI 18102.6 18102.6 18105.8 -1.54%
FTSE 7060.4 7093.5 7060.4 -0.93%
HKSE 27808.2 27969.4 27739.7 -0.31%
NI225 19810.4 19815.2 19885.8 -1.17%