Economy

Cathay Pacific faces HK$26m fine

(Xinhua)
Updated: 2010-05-28 15:39

HONG KONG: Cathay Pacific was facing a fine about HK$26 million ($3.34 million) by the Fair Trade Commission of the Republic of Korea for alleged "air cargo pricing practices", the airliner said.

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In a statement filed to the Hong Kong stock exchange on late Thursday, the airliner said Cathay Pacific had yet to receive the written decision and it was among several airlines to be fined by the ROK's Fair Trade Commission.

Cathay Pacific would review the ROK's decision in detail with its legal counsel and explore the options available, and this matter was still subject to legal proceedings, Cathay can't comment further currently, it said.

Investors were advised to exercise caution in dealing in shares of Cathay Pacific, it added.

Cathay Pacific opened HK$14.84 on Friday in Hong Kong, up 0.54 percent from the previous closing.