ACCC: ‘cartels - well dressed thieves carrying brief cases’

First 9 of 9 paragraphs shown Graeme Samuel, Chair of the ACCC said cartels were " theft, by well dressed thieves carrying brief cases" ...“Cartel operators are corporate fraudsters who defraud their customers and Australian consumers”.
Cancer cure needed: Cartels were a cancer on the Australian economy and 2009 was a record year for cartel litigation with proceedings instituted in 13 cartel matters and secured over $20million in penalties, said Samuel. These included:
- the ACCC' s ongoing action against the air cargo cartel - the marine hose cartel; and
- an alleged cartel involving electric cable manufacturers.
Of the cartel proceedings instituted in 2009, so far 7 have concluded with penalties totalling $26.3 million ordered.
10 year jail terms: be very, very afraid: ‘You may carry a briefcase rather than a gun, but if you steal millions, you too will be exposed to the prospect of time behind bars’. That’s a direct quote from Graeme Samuel, Chair of the ACCC.
Risks: Corporations might lose their executives to an Australian gaol for a number of years, they might also have to pay up to three times of any benefit they or their co-cartelists derive from the cartels impact upon Australian commerce.
Australia had joined the list of nations with laws providing for terms of imprisonment for cartel conduct: Canada, France, Germany, Ireland, Israel, Japan, South Korea, Mexico, Norway, Slovak Republic and the United Kingdom, warned Graeme Samuel, Chair of the ACCC.
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