Decision of the Conselho Administrativo de Defesa Econômica from NTN
Please be advised that on March 31, 2021 (BST), the Conselho Administrativo de Defesa Econômica (hereafter, CADE), the Brazilian competition authority, has issued the decision against our subsidiaries in Brazil and France on bearing business. The details are as follows:
1. Main points of the decision
In connection with bearing business in Brazil, CADE decided to impose fines of 9,318,311.31 Brazilian reais (about 183 million yen) on our subsidiary, NTN Rolamentos do Brasil Ltda. for its alleged violations of the Brazilian competition law with respect to sales made in Brazil.
And, CADE found no violations of the Brazilian competition law for conducts of our consolidated subsidiary NTN-SNR Roulements S.A. (France).
2. Background
Since October 2014, CADE has been conducting the investigation on NTN Rolamentos do Brasil Ltda. and NTN-SNR Roulements S.A. for suspicion of the violations of the Brazilian competition law regarding bearing business and we have been cooperating with such investigation.
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. Future Response
We will carefully assess and check the content of the decision, and cautiously consider the most appropriate response to be taken.
4. Future Prospect
We will post an extraordinary loss in relation to the decision in the fourth quarter results of this fiscal year. If it is determined that the business forecast of this fiscal year should be revised, we will disclose it immediately.
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