NSK released Notification of Cease-and-Desist Order and Administrative Surcharge Payment Order from the Japan Fair Trade Commission

Resource from: NSK Likes:277

Apr 01,2013

Tokyo, Japan, March 29, 2013 – NSK Ltd. (NSK; Headquarters: Tokyo, Japan; President and CEO: Norio Otsuka) was investigated on July 26 and 27, 2011 by the Japan Fair Trade Commission (the “JFTC”) in relation to a suspected violation of the Antimonopoly Act of Japan regarding sales of bearing products. Since then, the Company has fully cooperated with the relevant JFTC investigations. The Company announced today that the JFTC has issued a cease-and-desist order and administrative surcharge payment order to the Company for violating the Antimonopoly Act of Japan. We express our sincere regret for the concern this matter has caused our shareholders, customers, and other stakeholders. NSK regards the situation with the utmost seriousness and will take comprehensive measures to ensure strict compliance with all applicable laws and regulations during our corporate activities. We will devote every effort to restoring the trust of all stakeholders and the public. 1. Date of orders March 29, 2013 2. Outline of cease-and-desist order NSK was ordered (i) to confirm that acts in violation of Article 3 of the Antimonopoly Act have been discontinued, (ii) to ensure that such acts do not occur in future, and (iii) to take appropriate measures to prevent any recurrence. 3. Outline of the surcharge payment Amount of surcharge: 5, 625, 410, 000 yen (approximately 5.6 billion yen) Due date: July 1, 2013 4. Response and impact on results We will examine the content of the cease-and-desist order and administrative surcharge payment order and consider our response carefully. We will record the administrative surcharge payment as an extraordinary loss in FY2012. Please refer to the Revision of Consolidated Business Forecast for the Fiscal Year ending March 31, 2013, announced on March 29, 2013.

(NSK)

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