Visy puts hand up for $36 million fine

Visy has put its hand up to pay $36 million in fines for engaging in a cartel with its packaging industry competitor Amcor.

Visy executives and its owner and chairman, billionaire Richard Pratt, today appeared in the Federal Court seeking to have a plea agreement the company reached with the Australian Competition & Consumer Commission ratified by Justice Peter Heerey.

Justice Heerey has the power to reject the agreement and order greater fines if he does not the think the agreement reached with the competition watchdog is adequate.

But lawyers for Visy urged Justice Heerey not to impose fines above the $36 million agreed to, reportedly arguing the company was genuinely sorry and had suffered substantial losses due to a number of price wars at the time the agreement was made.