I was talking to a former ACCC colleague Alex Malik on LinkedIn recently about this matter and whether $50m was going to achieve any specific deterrence.
I remember many years ago when I was at the ACCC I jumped in a lift in the Federal Court in Sydney with a lawyer and his client, an executive from a major Australian company, just after the company had agreed to pay $5 million in penalty and costs by consent for an ACCC competition law breach. Both looked at me and must have concluded that I was not associated with the ACCC but rather just some nosey poorly dressed court watcher. The executive then turned to the lawyer with a look of relief and said "Well that was pretty painless!"I never had the heart to tell the ACCC officers running that case what the executive said in the lift after parting with a cool $5 million (back in the day (1996) when $5 million was a lot of money!)
I just wonder what the guys at Telstra were chatting about in the lift in the Federal Court in Melbourne yesterday after agreeing to pay $50m to close this matter off?
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