Advertisement
New Zealand markets closed

  • NZX 50

    11,938.08
    +64.04 (+0.54%)
     

  • NZD/USD

    0.6012
    +0.0049 (+0.83%)
     

  • NZD/EUR

    0.5579
    +0.0023 (+0.42%)
     

  • ALL ORDS

    7,897.50
    +48.10 (+0.61%)
     

  • ASX 200

    7,629.00
    +42.00 (+0.55%)
     

  • OIL

    77.99
    -0.96 (-1.22%)
     

  • GOLD

    2,310.10
    +0.50 (+0.02%)
     

  • NASDAQ

    17,890.79
    +349.25 (+1.99%)
     

  • FTSE

    8,213.49
    +41.34 (+0.51%)
     

  • Dow Jones

    38,675.68
    +450.02 (+1.18%)
     

  • DAX

    18,001.60
    +105.10 (+0.59%)
     

  • Hang Seng

    18,475.92
    +268.79 (+1.48%)
     

  • NIKKEI 225

    38,236.07
    -37.98 (-0.10%)
     

  • NZD/JPY

    91.9390
    +0.3640 (+0.40%)
     

ComCom files court proceedings against livestock companies

Commerce Commission

The Commerce Commission has filed court proceedings against PGG Wrightson, Elders New Zealand and five individuals for alleged price fixing in connection with the introduction of the National Animal Identification Tracing Act 2012 (NAIT Act).

The Commission alleges these companies and individuals breached the Commerce Act by establishing three pricing agreements prior to the NAIT Act coming into force on 1 July 2012. The individuals involved are all current or former employees of PGG Wrightson and Elders. In proceedings filed in Auckland High Court on Friday, the Commission alleges agreements were made to:

- fix the price of tagging un-tagged cattle at sale yards

- increase yard fee charges

ADVERTISEMENT

- increase stock and station agent charges by introducing an administration fee for NAIT-related costs.

The Commission is in discussions with a third company, Rural Livestock, and will provide a further update shortly.

As this case is now before the courts, the Commission cannot comment further at this time.