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New Zealand's largest agricultural services company has been fined 2.7 million NZ dollars (1.84 million U.S. dollars) for price fixing, the commerce regulator said Tuesday.
The fine was handed down to PGG Wrightson at the Auckland High Court for agreeing with other companies to set fees for the tagging of cattle, a legally required stock-tracing measure, said the Commerce Commission.
Another company, Rural Livestock, was fined 475,000 NZ dollars (323,808 U.S. dollars) in connection with the same investigation, said a statement from the commission.
The Commerce Commission launched the investigation into livestock companies fees after receiving a complaint from a Northland farmer in 2012.
The livestock companies and saleyards had promoted the fees as justifiable surcharges to recover additional costs they incurred in complying with new livestock monitoring legislation.
Both companies had admitted their conduct breached the Commerce Act and reached separate settlement agreements with the commission.
Similar allegations were before the courts regarding another company and the commission had issued warnings to seven other firms and the New Zealand Stock and Station Agents' Association.
The New Zealand Stock Exchange-listed PGG Wrightson also sells its products in Australia, North and South America, South Africa, Europe and China.
