Thai Airways International (THAI) is shrugging off the financial impact of a fine of nearly 260 million baht levied by an Australian court for cartel price-fixing.
On Friday last week, the Federal Court in Sydney ordered THAI to pay A$7.5 million (241 million baht) in penalties for engaging in cartel-like conduct in breach of the Trade Practices Act 1974, plus legal costs of $500,000.
The Australian Competition and Consumer Commission filed the lawsuit against THAI, which is the 13th international airline to have admitted to engaging in cartel-like conduct in Australia, and to have incurred penalties.
THAI president Sorajak Kasemsuvan said yesterday the company has put aside a sum for the fine and would pay it in seven instalments over the next three years.
This would mean that the company's performance target would not be affected, he said.
He said that in 2009 the boards of 15 airlines had reached an agreement on their cargo transport charges and fees without knowing the practice violated the Trade Practices Act. THAI would not repeat such a mistake, he said.
