THE Brisbane Federal Court has fined two Queensland truck retailers and three individuals more than $1 million in total penalties for their involvement in a truck cartel.
The Australian Competition and Consumer Commission (ACCC) says the two Hino trucks suppliers, Vanderfield and Sci-Fleet Motors will pay penalties of $500,000 each, and the individuals $30,000 each for price fixing and market sharing.
According to the ACCC, price fixing and market sharing contravenes the Trade Practices Act 1974 but the parties concerned did not understand the law or the legal consequences of their actions.
The ACCC claims the court also ordered the companies to pay $50,000 each in costs.
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