Air New Zealand (NZE: AIR) said on Wednesday that charges that it was part of price fixing in air cargo services had been dropped by the European Commission. The New Zealand national carrier said it was one of 11 airlines that had had the charges against them dropped.

"This brings closure to one more part of the ongoing investigations and proceedings which commenced in February 2006," the airline said.

Earlier 11 airlines, including Qantas, Air France-KLM and British Airways, were fined a total of 799 million euros ($1.11 billion) by EU regulators in the price-fixing case that could open the way for private claims against the companies.

Qantas was given one of the smallest fines, €8.9 million ($12.27 million), for its part in the cartel.

However, ACCC chief Graeme Samuel warned in an interview with ABC TV that executives of the Australian carrier risk up to 10 years in jail if they continue to engage in price-fixing practices in terms of cargo rates and other surcharges for either of its aviation and logistics businesses.

Qantas was also fined $20 million in 2008 by the consumer watchdog for illegally price-fixing cargo shipments over a four-year period.

In the latest scandal, Air France-KLM was fined $425.6 million, Martinair $40.5m, British Airways $142.7m, Cargolux $109.7m, Singapore Airlines $102.7m, SAS group $96.3m, Cathay Pacific $78.4m, Japan Airlines $49m, Air Canada $28.8m and LAN Chile $11.2m.

At 11:17AM AEDT, shares in Qantas were up 1.45 per cent at 2.79

Air NZ shares, about 70 percent owned by the New Zealand government, last traded one cent or 0.7 percent lower at NZ$1.36.

With Reuters