News: ACCC issues Flight Centre $11M fine

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Flight Centre Travel Group Limited (ASX:FLT) has been fined $11 million from Australia’s competition and consumer watchdog. 

 

The travel agent has been ordered to pay the penalty for attempting to illegally fix international flight prices. 

 

The Australian Competition and Consumer Commission says the repeated attempts to enter into anti-competitive arrangements occurred over four years (2005 – 2009).

 

Flight Centre has flagged a potential appeal but says this will only likely be heard over the following financial year. 

 

The company will take up the penalties in the current financial year with the full year results to be released in August 2014. 

 

Flight Centre Travel Group lifted its net profit to almost $111 million in the first half of the 2014 financial year.