NSK announced the Fine for Violation of the Competition Act of Singapore

Resource from: NSK Ltd. Likes:206

May 29,2014

Tokyo, Japan, May 28, 2014 - NSK Singapore Bearing (Pte.) Ltd., a subsidiary of NSK Ltd. (NSK; Headquarters: Tokyo, Japan; President and CEO: Norio Otsuka), was investigated in February 2013 by the Competition Commission of Singapore ("CCS") in relation to a suspected violation of the Competition Act of Singapore. Since then, NSK and NSK Singapore have fully cooperated with the CCS investigations. On May 27, 2014 the CCS has imposed a fine of S$1,286,375 (approximately 100 million yen) on NSK and NSK Singapore for violation of the Competition Act of Singapore in relation to certain sales of bearings in Singapore. We express our sincere regret for the concern this matter has caused our shareholders, customers, and other stakeholders. NSK and its subsidiaries regard the situation with the utmost seriousness and 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 our corporate activities. We will devote every effort to restoring the trust of all stakeholders and the public. The impact of the payment order on NSK's financial results and other conditions is expected to be insignificant.

(NSK Ltd.)

【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.

Add to My Favorites

[Close the window]

Previous NTN released Competition Commission Singapore's Decision on Aftermarket Bearings
Next Minebea to Participate in China Auto Parts & Service Show 2014

BRIEF INTRODUCTION

Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.

Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.

China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.