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GRC Professional : GRC Summer 2013
NEWS 10 GRC Professional • Summer 2013 Airline cartel fines Cathay Pacific, Singapore Airlines and Thai Air ways have been ordered by the Federal Court to pay fines totalling $30.45 million for engaging in cartel conduct (collusion on fuel and other surcharges applied to the carriage of air freight), breaching the Trade Practices Ac t 19 74 (now the Competition and Consumer Act 2010). Price breach The Federal Court in Melbourne has fined Air Asia Berhad $200,000 for breaching the Australian Consumer Law by not posting on its website, for 10 months, some airfare prices inclusive of all taxes, duties, fees and other mandatory charges in a prominent way and as a single figure. Customs corruption Arrests at Customs in Sydney and Adelaide before Christmas have brought to eight, the number charged in a two- yea r investigation into suspected airport drug trading, including a customs officer and a quarantine inspector, allegedly members of a syndicate exploiting gaps in airport and customs security at Sydney Airport. A new board is being set up by the Australian Customs Service to review the culture, management and leadership of the organisation and to give the CEO more power to deal with corruption, along with other issues. $1 Million fine Cotton On Kids has been fined $1 million for selling children's nightwear that breached fire safety standards in the Federal Court in Victoria. The judge said responsibility for ensuring compliance with relevant safety standards rested on senior managers of the organisation (see story page 12). Dulux in court The ACCC is taking Dulux Group (Australia) Pty Limited to court in Perth for alleged false and misleading or deceptive representations related to the promotion of the temperatu re reducing capabilities of its InfraCOOL and Weathershield Heat Reflect paints, when compared to standard paint of the same colour. GRC in the headlines AUSTRALIA NEW ZEALAND Bridgecorp decision Three former directors of failed finance company Bridgecorp: Bruce Davidson, Peter Steigrad and Gary Urwin, have won their right in the Court of Appeal to payment from insurer QBE for defence costs for the criminal trial they have been through and also for the civil proceedings they still face. The policy indemnifies them against liability they might incur as a result of their actions as directors. It also provides cover for costs they might incur in defending certain proceedings. The decision ha s implications for the wording of some insurance policies on both sides of the Tasman. (See page 33, Spring 2012 GRC Professional). Hanover loses In another insurance wrangle, failed NZ finance company Hanover Group Holdings has lost its High Court fight with insurance giant AIG over a policy worth up to $20 million. Hanover took out a directors and offcers liability (D&O) policy in November 2007. Whistleblower rewarded Former professional cyclist Stephen Swart, the first teammate of Lance Armstrong to go on the record eight years ago about drug abuse in their sport, in the process outing himself as a user of endurance drug EPO, has been named New Zealand Herald New Zealander of the Year. Armstrong was stripped of his seven Tour de France medals. He has since confessed to doping. Pike River The NZ Government has announced plans to implement 16 recommendations of the Royal Com mission of Inquiry into the Pike River coal mine tragedy. The inquiry was highly critical of the company's directors and executive managers. $30.45 million for collusion on fuel and other surcharges $200 thousand for not posting on its website airfare prices inclusive of all taxes and duties
GRC Spring 2012
GRC Autumn 2013