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MELBOURNE - Billionaire Richard Pratt is expected to front the Federal Court in person today over an illegal price-fixing deal between his Visy group of companies and rival Amcor Ltd.
A spokesman for Mr Pratt yesterday confirmed the carton king was preparing to appear in person at the Federal Court hearing in Melbourne today.
But the spokesman scotched speculation that Australia's third richest businessman, a prominent philanthropist, would call character witnesses on his behalf.
Mr Pratt has won glowing messages of support from top politicians, including Prime Minister John Howard, for his philanthropy.
While Mr Pratt and Visy have struck an agreement with the Australian Competition and Consumer Commission (ACCC) over the price-fixing cartel, Justice Peter Heerey will have the final say.
The Federal Court penalty is expected to be in the range of A$30 million ($35.33 million) to A$40 million, more than double the previous record penalty for anti-competitive conduct.
Mr Pratt and his senior executives have admitted to price fixing in Australia's A$2 billion cardboard box industry with their rival, Amcor, between 2000 and 2004.
Those admissions will save months of hearings and millions of dollars in legal fees.
Justice Heerey must decide whether Mr Pratt and Visy's admissions are sufficient and whether the agreed penalties are adequate.
Mr Pratt and Visy have issued a public apology to their customers.
- AAP
