Anti-monopoly first-off Japanese companies Seiko and Entyen totaled 4.8 billion yen

The Chinese government recently launched an anti-monopoly action against the automobile and other industries. It recently penalized Japanese auto parts companies for the first time. NSK and NTN were fined a total of 4.8 billion yen.

Two major bearing manufacturers, Japan Seiko and Entyn, issued relevant announcements on the Tokyo Stock Exchange on August 19. The former was fined 2.9 billion yen by the Chinese anti-monopoly authority and the latter was fined 1.9 billion yen, totaling 4.8 billion days. Yuan, about 287 million yuan (4,700 US dollars).

Japan Seiko and Entien also stated in the announcement that the company is fully cooperating with the China Development and Reform Commission in the investigation of automotive bearing business and adopting multiple measures to ensure compliance with China’s anti-monopoly law; in the future it will further disclose the impact of the fine on the company’s performance.

According to China's anti-monopoly law, the highest fines for violating companies can be up to 10% of annual operating income, and companies that actively cooperate can be punished lightly.

Earlier this month, the National Development and Reform Commission announced that it had completed investigations into the monopoly behavior of 12 auto parts companies in Japan. The sources disclosed that the 12 Japanese parts companies involved in the case were East China Sea Chemicals, Bridgestone , Panasonic, Autolif, TRW German Holdings, Nippon Seiki, GS Electech, Furukawa Electric, Yazaki Group, Denso Group , Diamond Motors and Fujikura.

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