Carter Holt Harvey has admitted to taking part in a price-fixing scheme in the Auckland timber market. Source: Radio New Zealand
The Commerce Commission said Carter Holt Harvey entered into an understanding with Fletcher Distribution to fix prices on structural timber for commercial construction in Auckland.
Carter Holt Harvey and a company manager will face a penalty hearing in the High Court in 2014 over the scheme.
In a statement the commission said the price-fixing operated out of two of Fletcher’s Placemakers shops in Auckland during the latter part of 2012 and early in 2013.
It said Fletcher Distribution Limited discovered its involvement earlier this year, made the commission aware of it and co-operated with the investigation.
The company has been granted immunity from prosecution.
Fletcher said its shops benefited by $100,000 and has promised to compensate customers.
