This follows an offer made to ICCC by Steamships for settlement out of court because of a delay by the National Court in progressing the matter.
In November 2011, the ICCC instituted legal proceedings against PNG Main Port Liner services Ltd, Steamships Trading Ltd, Kambang Holdings Ltd and Consort.
ICCC alleged that the acquisition of Kambang’s 34,000 shares in Consort by Mainport in 2009 breached section 69 of ICCC Act 2002.
This provision provides that a person shall not acquire shares of a business if it would likely lessen competition in a market.
