$2m fine ‘excessive’

Wellington: A court has found a record $2 million fine imposed on Steel and Tube over its seismic reinforcing mesh was ‘‘manifestly excessive’’.

The listed company was fined for misrepresenting the mesh in a fouryear period when it sold almost 500,000 sheets to strengthen house floors.

Instead of increasing the fine, as the Commerce Commission sought, the Court of Appeal has reduced it to

$1.56 million. — RNZ