ABC News reports that the Federal Court has fined Visy $36million over its involvement in a price fixing cartel. (Also The Age)

Visy’s former chief executive Harry Debney, who accepted responsibility for his part in the cartel, was fined $1.5 million. (Debney resigned as Visy CEO last week).

Former general manager Rod Carroll, who also accepted responsibility for the cartel, was fined $500,000.

Richard Pratt, as owner of Visy (and will bear the penalty indirectly), escaped a personal fine.

See video of decision announcement by Judge Heerey.

UPDATE: ACCC has welcomed the record penalties.