The consumer watchdog says it has launched criminal proceedings against billionaire cardboard king Richard Pratt for allegedly providing false or misleading evidence in the course of an investigation.The Australian Competition and Consumer Commission (ACCC) said it had begun proceedings against Mr Pratt by lodging a summons in the Federal Court on Thursday.
The summons requires him to appear before the court on July 7.
In a statement, the ACCC said Mr Pratt was one of several Visy executives investigated in 2005 under section 155 of the 1974 Trade Practices Act, as part of its investigation into alleged cartel conduct in the corrugated fibreboard packaging industry.
That inquiry resulted in civil proceedings being launched against Visy, which culminated in the company being fined $36 million for colluding with Amcor.
In the criminal proceedings launched on Thursday, Mr Pratt is alleged to have knowingly given false or misleading evidence at the 2005 inquiry.
Mr Pratt had not yet entered a plea in the matter, the ACCC statement said.
The summons accuses Pratt of four counts of knowingly giving false or misleading evidence.
It alleges Pratt said he could not recall a conversation he had on May 21, 2001 about a price fixing arrangement between Visy and rival cardboard manufacturer Amcor's corrugated box businesses.
The matter is listed to come to court for a directions hearing on July 7 before Justice Donnell Ryan.
The summons requires him to appear before the court on July 7.
In a statement, the ACCC said Mr Pratt was one of several Visy executives investigated in 2005 under section 155 of the 1974 Trade Practices Act, as part of its investigation into alleged cartel conduct in the corrugated fibreboard packaging industry.
That inquiry resulted in civil proceedings being launched against Visy, which culminated in the company being fined $36 million for colluding with Amcor.
In the criminal proceedings launched on Thursday, Mr Pratt is alleged to have knowingly given false or misleading evidence at the 2005 inquiry.
Mr Pratt had not yet entered a plea in the matter, the ACCC statement said.
The summons accuses Pratt of four counts of knowingly giving false or misleading evidence.
It alleges Pratt said he could not recall a conversation he had on May 21, 2001 about a price fixing arrangement between Visy and rival cardboard manufacturer Amcor's corrugated box businesses.
The matter is listed to come to court for a directions hearing on July 7 before Justice Donnell Ryan.
ninemsn 20 Jun 2008
Pratt is responsible for a $700 million worth of fraud, in which he was fined $70 million. That is a 10% value of the crime. A clear indication that Corporate fraud PAY$ well.
It was also mentioned that Pratt was 'shocked'. Shocked that he got caught? Or shocked because he thought that he was above the law, with his Boys Club Buddies
The Law system may go to the extent of slapping him on the wrists, with a velvet ruler.
BUT if you 'allegedly' defraud the Taxation system (Wheatley) you go to JAIL !
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