Antitrust Law Daily Wrap Up, ANTITRUST NEWS: NSK Ltd. fined $28.2M for violation of the Anti-Monopoly Law of China, (Aug 20, 2014)
Organizations Mentioned:NSK Ltd.
By Linda O’Brien, J.D., LL.M.
Norio Otsuka, President and chief executive officer of Japanese automotive component maker, NSK Ltd. was ordered by the Chinese regulatory authority, National Development and Reform Commission, to pay a fine of 174.9 million yuan ($28.2 million) for violations of the Anti-Monopoly Law of China in connection with the sales of bearings in China, the company announced yesterday.
Following an internal investigation into the alleged conduct, the company stated that it has been fully cooperating with the National Development and Reform Commission's investigation into sales of bearings in China. NSK and its subsidiaries have taken and will continue to take comprehensive measures with the help of outside experts and others to ensure strict compliance with all applicable laws and regulations during its corporate activities.
If it is determined that a revision to the business forecast for the fiscal year ending March 31, 2015 is necessary due to payment of the above fine, the company stated that it will disclosed immediately.
According to China Daily, a total of 12 Japanese auto parts suppliers have been fined 1.24 billion yuan ($201 million) for engaging in a price monopoly. In addition to NSK Ltd., the suppliers are Hatachi, Denso, Aisan, Mitsubishi Electric, Mitsuba, Yazaki, Furukawa, Sumitomo, Nachi, JTEKT, and NTN.
News: Antitrust