NTN released Competition Commission Singapore's Decision on Aftermarket Bearings

Resource from: NTN Corporation Likes:170

May 29,2014

Please be advised that on May 27, 2014, NTN Corporation and its subsidiary in Singapore have received the decision on aftermarket bearings from the Competition Commission Singapore. The details are as follows: 1. Main points of the decision In connection with aftermarket bearing business, the Competition Commission Singapore decided to impose fines of 455,652 Singapore dollars (about 37 million yen) on NTN Corporation and its subsidiary, NTN BEARING-SINGAPORE (PTE) LTD. for their alleged violations of the Singapore competition law with respect to sales made in Singapore from January 2006 until September 2006. 2. Background Since February 2013, the Competition Commission Singapore has been conducting the investigation on NTN Corporation and NTN BEARING- SINGAPORE (PTE) LTD. for suspicion of the violations of the Singapore competition law regarding aftermarket bearing business. We posted a provision in relation to the Competition Commission Singapore's investigation in the fourth quarter results of the last fiscal year. NTN Corporation will continue promoting business activities through fair and faithful competition by globally strengthening a system for thorough compliance with laws and regulations, social norms, ethics, and in-house rules, etc. 3. Impacts on earnings results There is no revision to earnings forecasts resulting from the subject matter.

(NTN Corporation)

【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 Siemens: SIMOGEAR and TIA Portal V13 launches in South Africa
Next NSK announced the Fine for Violation of the Competition Act of Singapore

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.