• Fri
  • Nov 21, 2014
  • Updated: 10:33am
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BUSINESS

China slaps record 1.24b yuan fine against Japanese car firms for price fixing

PUBLISHED : Wednesday, 20 August, 2014, 2:35pm
UPDATED : Thursday, 21 August, 2014, 5:13am

The mainland has fined 10 Japanese companies a total of 1.24 billion yuan (HK$1.56 billion) for violating the antitrust law by fixing prices for car parts and bearings.

Eight Japanese parts makers and four makers of bearings were found guilty of collusion, the National Development and Reform Commission (NDRC), the top economic planning agency, said in a statement on its website yesterday.

The heaviest fine handed down - 290 million yuan - was imposed on parts maker Sumitomo Electric.

The statement said the fine was equivalent to 6 per cent of Sumitomo Electric's revenue on the mainland last year. Bloomberg said it was the biggest antitrust penalty levied on a single company in the mainland.

Under the antitrust law, a company found to have engaged in illegal pricing practices can face a fine equivalent to between 1 per cent and 10 per cent of its mainland revenue in the previous year.

Parts maker Hitachi and bearings maker Nachi-Fujikoshi were exempted from penalties because the two took the initiative to report the monopoly agreement and provide proof to regulators, the statement said.

NDRC secretary general Li Pumin said: "No matter whether they are domestic or foreign companies, they will be investigated and face penalties if they violate the antitrust law."

Investigators found the Japanese parts makers had manipulated prices from January 2000 to February 2010, while the bearings makers had done so from 2000 to June 2011.

The other companies fined were Mitsubishi, Mitsuba, Furukawa, NTN, Yazaki, Jtekt, Denso, Aisan Industry and NSK.

The components involved in the price-fixing were used in more than 20 models made by Toyota, Honda, Nissan, Suzuki and Ford, the statement said.

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caractacus
No State Owned Enterprises or Chinese companies fined yet. Funny, that.
caractacus
Only against foreign businesses.
sipsip1238
Gotta think something sinister is happening here...
5397cae0-edbc-4aa0-b01d-35050a320969
Interesting that China is levying so many price fixing fines.
53f9f2fe-5acc-4718-a92e-08ee0a3209ca
Here in America we call that " THE POT CALLING THE KETTLE BLACK". China never plays by the rules and expects everyone else to. What a bunch of raciest PIGS. America should stop dealing with that raciest country. Pull the preferred trade status from that communist bigoted ,raciest country and give to some one that deserves it. Like Brazil, Colombia, or some country in south America that's our friend and neighbor. Maybe it would cut down on the drug traf**** and put China back where she needs to be. Dark ages.
chaz_hen
That's because through their benevolence and kind hearted "Serve the People" mantra, they GIVE cars away.
Also because Chinese people won't buy them...
TigerJ
JPs are loaded... Try USD1.24 billion instead.
chaz_hen
Go back to watching your Japanese p()rn in your parents' public estate apartment...
TigerJ
Hen Man - we are definitely not from the same circles... What does your Hen House, sorry... your parents' public housing look like?
 
 
 
 
 

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