The Australian Competition and Consumer Commission has lashed out at Cabcharge Australia Ltd (ASX:CAB), and says two of its senior executives have an attitude problem.
The comments from the ACCC come in response to a document Cabcharge released last week, updating the market on its legal proceedings with the regulator.
On Friday the taxi-fare payment company said it had been fined $15 million in relation to breaches in the Trade Practises Act, and had agreed to three infringements.
Cabcharge released a statement saying it will continue to work co-operatively with the ACCC as it has done now for over 30 years, with this one blemish on its record of compliance and co-operation.
Cabcharge says it is sure the ACCC will share its view about the outcome of this matter.
According to the Age, ACCC Chairman Graeme Samuel has blasted the statement as containing nonsense and says he was disappointed by the lack of regret by Cabcharge.
Mr Samual has issued a warning to Cabcharge's directors, to assert corporate governance control over the two leading executives, or if not the company will find itself in strife again.
Cabcharge Australia recorded a profit of $57.6 million in the 2010 financial year.
CAB Price at posting:
$5.72 Sentiment: None Disclosure: Held
