Annual Report 2010 (PDF, 5.2MB) - Panalpina Annual Report 2012

Annual Financial Statements 2010
150
On 1 October 2010 Panalpina announced a settlement with the DOJ over violations of the Sherman Antitrust Act related to the sale of
international air freight forwarding services. Under the terms of the settlement, which is still subject to formal court approval, Panalpina has
agreed to pay a fine of approximately USD 12 million.
In the reporting year Panalpina also started settlement negotiations with the New Zealand Commerce Commission which are at a very
advanced stage. Consequently, the expected penalty has been provided for.
Internal fact finding and Panalpina’s cooperation with the competition authorities in jurisdictions which are still being investigated is ongoing.
It is not possible to predict the outcome of these proceedings at this stage. They may, however, result in material penalties being
imposed on Panalpina. As Panalpina is not yet in a position to assess its exposure and the potential financial consequences in these proceedings,
no related provisions have been made as of 31 December 2010.
For further details, descriptions and assessment please refer to note 31 to the consolidated financial statements.
Risk management
The detailed disclosures regarding risk management / assessment that are required by Swiss law are included in the Panalpina Group’s
consolidated financial statements on page 114.
Panalpina Annual Report 2010