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Singapore to implement sanctions against the Japanese bearing manufacturers
Singapore Government Competition Bureau recently involving unfair competition four Japanese Bearing Factory implement sanctions, a total fine of more than 930 million dollars. This is Singapore's first case of the Competition Bureau ruling international cartel cases, is the first implementation of sanctions by far the most substantial fines for illegal manufacturing company case.
It is understood that the heavy penalties for breach of competition law the Singapore government's four Japanese bearing manufacturers and their subsidiaries in Singapore are listed companies. Singapore Competition Bureau believes that these companies from between January 2006 to July 2011, a serious violation of unfair means of competition law in Singapore. These include the mutual exchange of information between the company, several collaborative raise prices, seriously affected the normal market competition. Currently, these companies still occupies 60-70% of the local market bearing Singapore.
Singapore Competition Bureau investigation found that between the Japanese company as a competitor, the relevant personnel in Japan and Singapore meet regularly to exchange information with each other, discuss and sign an agreement in Singapore uniform price sales of bearings, in order to maintain their market share in Singapore . Survey revealed that as early as 1980, discussions and reached their market share and profitability protection policies between the parent company in Japan, and then let the Singapore subsidiary of the concrete implementation; while between Singapore subsidiary from 1998 to begin to discuss with each other and implement the agreements reached and the specific embodiments between their respective parent companies. The specific actions include the development of the Singapore market price list, the lowest price, and the exchange rate used to calculate the minimum price and so on. In addition, when steel prices, but also unified bearing price rises between four Japanese companies, and the price increase of information exchange.
It is understood that the Japanese company had in July 2011 by the Japanese assault investigated the Competition Authority fined a total of 160 million yen. Where the two companies was also Australian Competition Bureau fined $ 5 million. Singapore Competition Bureau ruling report that price-fixing between competitors is a serious violation of legitimate competitive behavior, because such products from different manufacturers, although produced, but the product was largely the same, there is no difference in essence, the market is very competitive, it is prone to normal competitive behavior in violation of price-fixing cartel, the council will not tolerate such behavior.
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