Singapore: Electronic components firms fined record US$15m for collusion

Four of the biggest manufacturers of electrical components here have been fined a record S$19.5 million (US$14.7 million) in total by the Competition Commission of Singapore (CCS), after they were found to have colluded with a fifth company, Panasonic Industrial Devices (Singapore and Malaysia),  to fix prices and collectively reject requests from customers for price reductions.

The five companies, Panasonic, ELNA Electronics, Nichicon Singapore, Rubycon Singapore and Singapore Chemi-con, are all headquartered in Japan. They are also being probed for cartel activities by authorities in the United States, China, Japan, Taiwan and Europe.

The offences were committed over different periods that spanned a total of up to 16 years, going back to 1997.

The fine amounts were decided based on each company’s turnover and mitigating factors, among other reasons. Panasonic was not fined, as it was the first to whistleblow on the cartel in 2013. It applied for immunity under CCS’ leniency programme which give cartel members reductions in fines if they alert the CCS.

Full Content: The Straits Times

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