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Singapore: Millions in car parts price-fixing fines hit new record

 |  May 27, 2014

Three Japanese car parts manufacturers have been slammed with $7.42 million in fines for price-fixing claims by Singapore antitrust authorities, reports say.

The Competition Commission of Singapore issued the fines against Nachi Fujikoshi, NSK and NTN. The sanctions compound the global auto parts price-fixing crackdown, which has so far been tackled by authorities in the US, Japan, Europe and Canada, among others. In the US, the case with the Department of Justice has reached record-breaking levels of anti-cartel enforcement.

The CCS fined the three companies for fixing ball bearing prices, reports say; the sanctions are the largest ever issued by the CCS. The fines were imposed after authorities found evidence that the companies had held secret meetings in Japan to collude on prices.

The three were also under investigation by the European Commission, ultimately facing hundreds of millions in fines against the firms.

Full content: Reuters

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