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China fines Japanese auto parts firms $250m for monopoly

Published on Aug 20, 2014 12:54 PM
 

SHANGHAI (AFP) - China has fined 10 Japanese auto parts firms more than US$200 million (S$250 million) for price-fixing, authorities said Wednesday, in what state media called the biggest-ever penalty for violating the anti-monopoly law.

The companies were found to have implemented monopoly pricing agreements for more than 10 years, the National Development and Reform Commission (NDRC) regulator said in a statement.

It fined them a total of 1.24 billion yuan (S$250 million), in what state broadcaster CCTV said was the biggest fine China had imposed since its anti-monopoly law took effect in 2008.

"The companies... unlawfully affected prices of auto parts, finished vehicles and bearings in China and harmed the interests of downstream manufacturers and consumers," the NDRC statement said.

 
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