BINGO, owned by Macquarie, pleads guilty to price-fixing charges

August 16 (Reuters)Australia-based BINGO Industries, owned by Macquarie, pleaded guilty on Tuesday to criminal cartel charges relating to price-fixing for demolition waste services in Sydney in 2019.

The country’s competition watchdog said that after an investigation it had charged the waste management company with alleged breaches of the cartel provision of the Competition and Consumer Act and that the case would be heard in Federal Court.

In 2019, the company reportedly teamed up with rivals Aussie Skip Bin Services and Aussie Skips Recycling to set and raise prices to supply bins, among other things, for construction and demolition waste in Sydney. In 2020, BINGO confirmed that it was part of the Australian Competition and Consumer Commission (ACCC) investigation into price adjustments in the waste sector. (https://reut.rs/3Qld

The regulator also said former Bingo chief executive Daniel Tartak has been charged with two criminal offenses in the case.

BINGO, in a separate statement, said it had cooperated with the ACCC and the Commonwealth Prosecution Service throughout the investigations and “regrets that the matter has occurred”. (https://bit.ly/3A2ireq)

Sydney-based BINGO has been acquired by funds managed by Macquarie Group MQG.AX Last year. (https://reut.rs/3duWBIY)

(Reporting by Navya Mittal in Bengaluru Editing by Dhanya Ann Thoppil)

(([email protected];))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Comments are closed.