Judgment Delivery - Transcript of Video

Australian Competition and Consumer Commission v Visy Industries Holdings Pty Limited (No 3) [2007] FCA 1617

HEEREY J
2 NOVEMBER 2007
MELBOURNE

[Justice Heerey and his Associate walk into the court room. Judge bows to the court and sits down.]

Court officer: The Federal Court of Australia is now in session. Be seated please.

[Justice Heerey at bench]

Justice Heerey: Yes, call the matter for judgment.

Associate: ACCC and Visy Industries Holdings Pty Ltd and others, VID 1650 of 2007, for judgment.

Justice Heerey: The Court finds that Visy Board Pty Ltd engaged in price fixing and market sharing and that Mr Richard Pratt, Mr Harry Debney and My Rod Carroll were knowingly concerned in that conduct.

There will be orders for the payment of penalties: $36 million by Visy, $1.5 million by Mr Debney and $500,000 by Mr Carroll.

No penalty is ordered against Mr Pratt as he is an owner of Visy and will bear its penalty indirectly.

There will be injunctions and other orders and an order that the respondents pay the Commission’s costs.

The penalties ordered today are more than twice the highest penalty previously ordered for cartel conduct. These penalties reflect the fact that in light of the time for which the cartel operated, the importance of the market, the size of the company, the calculated and premeditated conduct and the seniority of the individuals involved, this was the worst cartel to come before the Courts in the thirty plus years in which such conduct has been illegal in Australia.

I publish my reasons. Thank you.

Adjourn the Court please.

Court officer: All stand. This Court is now adjourned.

[Judge walks out of courtroom. Fades out.]