China Teaches Seven Car Carriers a Lesson
- Business & Finance
China’s National Development and Reform Commission (NDRC) has fined seven shipping companies for taking part in price-fixing as the country aims to decrease competition in the Chinese auto industry.
Among the companies that violated China’s anti-monopoly law are South Korean EUKOR Car Carriers, Norway-based Wallenius Wilhelmsen Logistics, which received fines of USD 44 million and USD 7 million, respectively, and Japan’s Mitsui O.S.K. Lines, which received a reduced fine amounting to USD 6 million.
Other companies penalized were Japan’s K Line and Eastern Car Liner Ltd. and Chile’s CSAV and CCNI.
Japanese shipping company NYK was also found guilty for violating the anti-monopoly law, however, due to the company’s cooperation to NDRC’s investigation, it has received an immunity from the fine.
Both MOL and NYK said that they have taken measures to assure compliance with antitrust laws to prevent a recurrence of the matter.
The companies also announced additional training of their employees in the field of antitrust law compliance.
The investigation and penalization was conducted under China’s 2008 anti-monopoly law in an effort to force down prices Chinese consumers complain are too high.