Antitrust Law Daily Wrap Up, ANTITRUST NEWS: Australian competition authority brings civil action against bearings manufacturer over alleged cartel conduct, (Jul 15, 2013)
Organizations Mentioned:Koyo Australia Pty Ltd.
The Australian Competition and Consumer Commission (ACCC) announced today that it has initiated civil court proceedings against Koyo Australia Pty Ltd. for allegedly participating in cartels that fixed the price for ball and roller bearings for use in motor vehicles and industrial applications.
The ACCC alleges that Koyo and at least two of its competitors arranged to increase the price of bearings to their aftermarket customers. The ACCC seeks pecuniary penalties, declarations and injunctions. According to the ACCC, Koyo has cooperated in the investigation and has admitted to the charged conduct.
“The ACCC’s focus on cartel conduct sends a strong message. It is crucial for the proper functioning of business in Australia that the ACCC continues to tackle cartel conduct with the full force of the law,” said ACCC Commissioner Sarah Court. “Cartel conduct such as price fixing not only cheats consumers and other businesses but is damaging to the Australian economy.”
Ball and roller bearings permit a movable connection between mechanical items, and are an essential component of many products, including motor vehicles, mining conveyors, and farm machinery. The ACCC noted that its action followed enforcement action taken by the Japanese Fair Trade Commission against Japanese bearing manufacturers.
Companies: Koyo Australia Pty Ltd.
News: Antitrust