members reportedly agreed to fix and maintain their market share in existing business.
The CDPP is responsible for prosecuting criminal cartel offences, in accordance with the Prosecution Policy of the Commonwealth.
These charges follows convictions against Nippon Yusen Kabushiki Kaisha (NYK), in August 2017 and Kawasaki Kisen Kaisha Ltd (K-Line) in August 2019 for cartel conduct in the same cartel WWO has allegedly participated in.
Swiss bank UBS does not have to pay a fine as it informed the authorities of the cartels.
The traders involved in the cartels, who were direct competitors, used chatrooms on a daily basis to exchange sensitive information.
The PCC Leniency Program is designed to deter the creation of such cartels, and to aid in the detection and prosecution of existing ones by incentivizing cooperation from current and former cartel participants who possess information and evidence necessary for a successful investigation and prosecution of said offenses.
This policy is meant to ensure that members of a cartel will race to the PCC and disclose the existence of the anticompetitive agreement to obtain the benefits of the Leniency Program.
Polinar said the Leniency Program is a unique tool used by competition agencies worldwide to strengthen the detection and prosecution of cartels. "In other countries, leniency programs are reported to have reduced cartel formation by 59 percent and have increased cartel detection by 62 percent," he said.
Under the Philippine Competition Act, cartels can be fined between P100 million to P250 million and cartel members can be imprisoned for a maximum of seven years.
agreement by selling more than its cartel allotment or charging less
(and prices) of cartel members, penalize firms that sell more than their
'Cartels have been running out of money but they will likely prey on the current maize shortage to replenish their coffers," Mutua said.
Sifuna said maize importation is a noble move but should not be taken over by cartels. 'This means crippling the economy be neglecting local farmers.
class="MsoNormalMost of those found diverting piped water have been arraigned and charged.Earlier in December, Mr Sonko announced a S00,000 cash reward for anyone who will help the county identify those behind the cartels.
class="MsoNormalThe cartels have been diverting the water to private vendors by disconnecting pipes in Nairobi estates.