Cathay Pacific and Singapore Airlines fined millions for cargo price-fixing.

Cathay Pacific Airways and Singapore Airlines will be forced to fork out almost AU$23 million in order to resolve an air cargo price-fixing case with the Australian Competition and Consumer Commission (ACCC).

In 2009, the ACCC invoked legal action against the Asian carriers, alleging the airlines were involved in an international air cargo price-fixing plot between 2000 and 2006, Market Watch reported.

Cathay Pacific pleaded guilty to violations of the Australian Trade Practices Act and will pay a penalty of AU$11.25 million in a settlement approved by the Federal Court of Australia, New South Wales Registry.

Singapore Airlines will be charged $11.75 million for their role in the scheme.

Cathay Pacific has assured consumers and authorities that it remains committed to its long standing policy of full compliance and is satisfied that it has taken the best possible corrective actions to remain consistent with this policy.