China fines 12 Japanese firms $201 million for price manipulation
China’s anti-monopoly regulator said on Wednesday it has ordered 12 Japanese auto part and bearings makers to pay fines totaling 1.24 billion yuan ($201.80 million) for manipulating prices.
Sumitomo Electric Industries Ltd, Denso Corp and Mitsubishi Electric Corp are among the autoparts makers that were fined.
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.
The regulators’ ruling comes as China intensifies efforts to bring companies into compliance with an anti-monopoly law enacted in 2008.
Source: Reuters
