SIA Cargo may make provision in current financial year for $112 mil EC fine

SINGAPORE (March 20): Singapore Airlines Cargo on Monday announced that it may make a provision of around $111.8 million in the current financial year arising from an 74.8 million euro administrative fine imposed by the European Commission (EC).

The EC on March 17 re-adopted a decision in the EU air cargo competition law case involving SIA Cargo and 10 other cargo airlines.

In a filing to SGX, SIA Cargo says it will “study the grounds of the decision, after which it will consider an appropriate course of action”.

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