Kuehne & Nagel International AG : Kuehne & Nagel Fined EUR53.7 Million In EU Antitrust Investigation
03/28/2012| 07:48am US/Eastern
Swiss logistics company Kuehne & Nagel International AG (KNIN.VX) Wednesday said it had been fined EUR53.7 million by the European Commission as part of an antitrust investigation.
Various logistics companies were accused of coordinating their activities in establishing certain surcharges for air-freight forwarding services during a period prior to 2007.
In proceedings in the U.S. relating to the same activities Kuehne & Nagel entered into a plea agreement with the U.S. Department of Justice and agreed to a fine of $9.8 million.
"We will carefully consider the decision of the EU Commission and its rationale," said Karl Gernandt, chairman of Kuehne & Nagel.
"However, already now we are of the opinion that the Commission has not correctly investigated the facts and the participation of Kuehne & Nagel and has drawn significantly incorrect factual and legal conclusions."
Gernandt said Kuehne & Nagel's cooperation throughout the investigation hadn't been adequately acknowledged.
"That is why we take into consideration to appeal against the decision before the European courts," he added.
-By John Revill, Dow Jones Newswires; +41 43 443 8042; firstname.lastname@example.org