SAS Cargo, a subsidiary of SAS Group, one of twelve airlines involved in the case, must pay €70 million ($97.6 million) out of a total of €800 million in fines levied on the 12 airlines involved in the case, according to the French daily Le Monde.
Air France-KLM was ordered to pay €340 million while fines for British Airways came to around €104 million.
“This is speculation and unconfirmed information. We can’t comment on speculations,” said SAS spokesperson Elisabeth Manzi to the TT news agency.
SAS plans to issue a press release as soon as the European Commission publishes its ruling, which is expected to come sometime on Tuesday.
The ruling follows a three year investigation launched after regulators complained that SAS, Air France-KLM Group, British Airways, and several other airlines had worked together to fix prices in the global air cargo market.
In 2008, SAS Cargo admitted to US authorities it has a role in forming a price-fixing cartel which violated US competition laws and paid a fine of $52 million.