Panalpina receives Statement of Objections from the European Commission

As reported earlier, Panalpina is a party to a multinational probe into alleged anticompetitive behavior conducted by several competition authorities, including the European Commission, the US Department of Justice and the Swiss Competition Commission, against a number of major freight forwarding companies. The investigations commenced in October 2007. In Canada and Australia respective investigations have been closed in the meantime.

On February 9, 2010 Panalpina was served with a Statement of Objections by the European Commission.

This document contains the European Commission preliminary view with respect to alleged anticompetitive behavior in the freight forwarding industry. Panalpina will closely examine the Commission preliminary findings and will respond in due time. The Statement of Objections enables the addressees to respond to the Commission preliminary findings and does not prejudge the final decision of the European Commission (which is subject to appeal to the European courts).

It is not possible to predict the outcome of these proceedings at this stage. They may, however, result in material penalties being imposed on Panalpina entities.

Panalpina states that it is Panalpina policy to conduct its business in full compliance with all applicable laws in all jurisdictions in which it conducts its business.