OZschwitz economic oppressor ACCC seeks bigger thieving penalties for get this... "exploitative" companies

The competition regulator vowed to seek tougher penalties against big corporations, after criticism that a recent $10 million fine against Wesfarmers' Coles division and $11 million fine against Flight Centre Travel Group were too small.

Australian Competition and Consumer Commission chairman Rod Sims said he wanted to take full advantage of new competition penalties that allow the regulator to seek fines of up to 10 per cent of a company's revenue, so their enforcement action "echoes in boardrooms and gives weight to our phone calls, letters, and all the other work we do".

"The difference between a $10 million fine and a $100 million fine is quite profound. People will sit up and take notice, because it starts to show up in the profit and loss statement and it will grab attention, which is what we are trying to do with our deterrence messages," Mr Sims said.

"The difference between the fines we have had in the past and the ones we might have in the future could be very significant.

http://beta.afr.com/accc-seeks-bigger-penalties-for-exploitative-companies-13hu9k

OZschwitz economic oppressor ACCC seeks bigger thieving penalties for get this... "exploitative" companies

OZschwitz economic oppressor ACCC seeks bigger thieving penalties for get this... "exploitative" companies

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