Otto Poon Company To Be Fined In Antitrust Suit

A company owned by the husband of former justice secretary Teresa Cheng is facing a fine of tens of millions of dollars after it admitted violating antitrust laws.

The Competition Commission said on Friday that it had been investigating Otto Poon’s ATAL Building Services Engineering over a suspected air-conditioning works cartel.

The commission has proposed a HK$150 million fine, which is subject to approval by the Competition Tribunal.

The watchdog said the company and its parent firm, Analogue Holdings, have pledged full assistance with its probe.

"The cooperation agreements entered into with several respondents in the case represent significant developments in the commission’s investigation into the multi-year air-conditioning services cartels," said the commission's CEO, Rasul Butt, in a statement.

Analogue Holdings, meanwhile, said in a stock exchange filing that it will not be named as a party in the suit.

It said the company's board decided that it was in the interests of the firm and shareholders to sign an agreement with the competition watchdog.

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