19 Apr '11, 2am

New Zealand's Telecom hit with record fine

New Zealand's Telecom hit with record fine

WELLINGTON: New Zealand's Telecom Corp. was ordered to pay a record NZ$12 million ($9.5 million) fine on Tuesday after a court found the company abused its market dominance to overcharge competitors. The country's competition watchdog said the fine for the "price squeeze" Telecom imposed on competitors wanting to access its network was the largest ever imposed under the Commerce Act. "The High Court determined that from 2001 to 2004, Telecom unlawfully leveraged its market power to charge downstream competitors disproportionately high prices for wholesale access to its network," the New Zealand Commerce Commission said. In a judgment published Tuesday, the court said the breach "was result of a deliberate strategy, apparently sanctioned at the highest levels of Telecom" and prevented its rivals from offering competitive high-speed data services. "(The) penalty should refle...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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