Following allegations of price fixing, Singapore Airlines’ cargo branch has settled on paying a fine of US $48 million to US authorities.

The news comes after nearly 20 other carriers have been fined amid an exposed worldwide conspiracy among carriers to drive up revenues by agreeing on inflated trans-oceanic cargo rates. Many have already been slapped with immense fines by EU officials, including SIA, which was ordered to pay €74.8 million for similar accusations in Europe. Singapore Airlines has since appealed the ruling.

If forced to pay both fines, the Republic of Singapore’s national carrier would be stuck with a bill totalling to at a staggering SGD $192 million. Other carriers involved in the European price-fixing scandal include Cathay Pacific, Air France-KLM, SAS Cargo and several US-based global carriers.

The fine follows the felony charge against SIA Cargo in which US authorities said it had conspired to fix cargo rates with market competitors during the period spanning from February of 2002 until early 2006. SIA executives said they’ve been cooperative with authorities regarding the situation.

According to a company statement, the plea deal comes after SIA had considered all options and had sought consultation from legal advisors before accepting the offer. SIA says that in the coming year it will provisionally put SGD $61.92 million aside for the fine imposed by the United States Department of Justice.