China fines 12 Japanese firms $201 million for price-fixing

Resource from: Reuters Likes:254

Aug 21,2014

BEIJING (Reuters) - China's anti-monopoly regulator said on Wednesday it has ordered 12 Japanese auto part and bearings makers to pay fines totalling 1.24 billion yuan (121 million pounds) for manipulating prices. Sumitomo Electric Industries Ltd , Denso Corp and Mitsubishi Electric Corp are among the autoparts makers that were fined after the National Development Reform Commission (NDRC) found they had colluded to reduce competition and establish favourable pricing on their products. The price-fixing agreements were in violation of China's anti-monopoly law and "improperly affected the pricing for auto parts, entire vehicles and bearings," the NDRC said in a statement on its website. NSK Ltd , NTN Corp , and Jtekt Corp were among the four bearings companies fined by the regulator. Hitachi Automotive, a subsidiary of Hitachi Ltd , along with bearings firm Nachi-Fujikoshi Corp were not fined since they were the first firms to report the monopoly agreements and provide evidence to the regulator, the NDRC said. The regulators' ruling comes as China intensifies efforts to bring companies into compliance with an anti-monopoly law enacted in 2008. The auto sector has been under particular scrutiny amid accusations by state media that global car makers are overcharging customers.

(Reuters)

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