NTN Corporation (hereafter, NTN) was the target of a search conducted by the Japan Fair Trade Commission on July 26, 2011, on the grounds of violation of the Japan Antimonopoly Act related to the sale of bearings. On March 29, 2013, the Commission issued a cease and desist order and surcharge payment order against NTN. The details are notified as outlined below.
NTN sincerely regrets the great deal of concern caused to shareholders, customers and all relevant personnel by this matter notwithstanding the fact that NTN has been committed to complying with the laws and regulations.
1. Outline of cease and desist order
The Commission came to conclusion that NTN had violated the Article 3 of the Japan Antimonopoly Act (prohibited unreasonable restraint of trade) related to the sale of bearings, and has ordered NTN to take various measures, including checking that it has ceased these violations, that sales prices are determined voluntarily, and that related information is not exchanged.
2. Outline of surcharge payment order
(a) Amount of charges to be paid: 7.23107 billion yen
(b) Payment deadline: July 1, 2013
3. Future response
NTN will carefully assess and check the content of cease and desist order and surcharge payment order, and cautiously consider the most appropriate response to be taken.
4. Impact on business performance
The amount above will be allocated as an extraordinary loss for the business year ending in March 2013. The business forecast for this consolidated accounting period is currently being examined in detail.
Other News:
NTN announced Cease and desist order and surcharge payment order from Japan Fair Trade Commission
Dana Holding Corporation to Announce First-Quarter 2013 Financial Results, Host Conference Call and Webcast on April 25
NSK Develops a High-Performance Ball Bearing for Cooling Fan Motors
German TPR International Celebrates 10 Years
IFT to become subsidiary of Schaeffler
NSK released Notification of Cease-and-Desist Order and Administrative Surcharge Payment Order from the Japan Fair Trad
BSA Program Looks at What’s Hot and What’s Not in 2013 Recovery
Boca Bearings releases bearings for packaging industry
