China’s National Development and Reform Commission (NDRC)stated on Wednesday (Aug. 20) that 12 Japanese auto parts makers have been fined 1.24 billion yuan ($202 million) for their involvement in an alleged price-fixing scheme. Sumitomo Corp., Mitsubishi Electric Corp. and Denso Corp. are some of the companies facing charges.
The NDRC claims that the auto parts makers created and followed through on a plan to reduce competition to fix the prices of parts for more than 20 automakers, including Honda, Toyota and Ford. Specifically, from January 2000 to February 2010, the NDRC said that the car companies conspired over the prices of ball bearings and other auto parts. Working to cut down or eliminate competition in the market improperly affected the prices of auto parts and bearings and “undermined the legitimate rights and interests of consumers,” the NDRC said, as reported by Law360.
“China’s 2008 monopoly law allows authorities to fine companies up to 10 percent of their annual revenues for antitrust violations, although none of the companies’ fines reached that high,” the news source stated.
