Singapore Fines 3 Firms For Price-Fixing
SINGAPORE (Kyodo) -- Singapore's antitrust authority on Tuesday fined three Japanese companies a total of S$9.2 million (US$7.2 million) for price-fixing of ball and roller bearing products in the Singapore market.
Four Japanese companies -- JTEKT Corp., NSK Ltd., NTN Corp. and Nachi-Fujikoshi Corp. -- and their Singapore subsidiaries infringed on Singapore's Competition Act, the commission said. JTEKT was not fined under the Competition Commission's leniency program as JTEKT's local subsidiary was the first to admit to participation in the cartel and cooperated with Singapore's antitrust authorities.
It is the first time the Competition Commission of Singapore has taken a cartel case against foreign companies.
Executives of the four companies met regularly in Japan and Singapore "where they exchanged information, discussed and agreed on sales prices for bearings sold to their respective after-market customers in Singapore," the commission said in a statement.
Nachi-Fujikoshi was fined S$7.5 million, NSK S$1.2 million, and NTN S$455,000.
The three companies can appeal to the commission's appeal board or pay up in two months.