Teac Australia and its national sales manager have been fined $190,000 for price fixing.
According to a statement from the Australian Competition and Consumer Commission (ACCC), the Federal Court's Justice Kenny ordered Teac to pay $175,000 in penalties for breaching the resale price maintenance provisions of the Trade Practices Act 1974. It has also fined national sales manager, Warren Allison, $15,000 for being knowingly concerned in the conduct.
The company has also been ordered to send a letter to all of its retail customers advising them that they are free to set the price for the products they purchase from Teac; implement a trade practices compliance program; and contribute $10,000 to the ACCC's costs.
The ACCC began legal proceedings against the company back in June for allegedly trying to stop a retailer from advertising a range of consumer electronics goods, including televisions, set-top boxes and portable music players, below its specified price.
In his orders, Justice Kenny said Teac's co-operation with the ACCC and its acknowledgement of its liability early on resulted in a substantial discount from the penalties.
In its statement, the watchdog's chairman, Graeme Samuel, said it wasn't for Teac or its management to determine the selling price of its customers.
The ACCC would continue to "vigourously pursue" cases of resale price maintenance, he said.