27 Mar 2014

Carter Holt Harvey $1.85m fine upheld

11:00 am on 27 March 2014

A High Court judge has upheld a fine of almost $2 million for Carter Holt Harvey for its role in a timber price-fixing scheme.

The company and the Commerce Commission had already agreed that a fine of $1.85 million would be appropriate and in a newly-issued ruling, Justice Venning has concurred with that.

During an earlier hearing at the High Court in Auckland, the commission said Carter Holt Harvey entered into an understanding with Fletcher Distribution about timber for commercial construction in Auckland in 2012 and 2013.

It said the price-fixing operated out of two Placemakers shops, but the company's precise commercial gain from the scheme was not clear.

A company manager, Dean Dodds, has been fined $5000 for his part in the scheme.