Singapore Markets closed

Singapore Airlines cargo slapped with S$4.17m fine

New Zealand Commerce Commission ends probe on SIA.

According to an SGX announcement, the Auckland High Court has approved an agreement reached between the New Zealand Commerce Commission and Singapore Airlines Cargo concerning the air cargo proceedings.

The penalty, recommended by the parties and endorsed by the Court, is NZD4.1 million (S$4.17m), with costs fixed at NZD259,079.18. A corresponding financial provision of approximately SGD4.41 million will be made in the financial statements of Singapore Airlines Cargo for the current financial year.

The Court’s approval of the agreement brings the Commission’s air cargo investigations and proceedings in New Zealand to a close for Singapore Airlines Cargo.

More From Singapore Business Review