Antitrust levies hit record high

ANTITRUST penalties rose to a record in Asia last year as watchdogs got tough on cartels and bid-rigging, emboldened by maturing competition laws across the region and growing government clampdowns on corruption, data showed yesterday. Some $1.7 billion (R19.9bn) in penalties and fines were levied, up 47 percent from 2013, and 45 percent higher than the annual average for the previous five years, data compiled by Norton Rose Fulbright showed. The London-headquartered law firm monitors the rulings of competition regulators and courts in Asia. The sharp rise was largely driven by Japan and South Korea, Asia’s most aggressive antitrust regimes during the past five years, while younger watchdogs in Indonesia, Malaysia and China progressively stepped up enforcement activity. – Reuters