LOC11:18
08:18 GMT
TOKYO, Aug 20 (KUNA) -- China has fined 12 Japanese auto parts suppliers a total of CNY 1.24 billion (USD 201 million) due to a price monopoly, state-run Xinhua News Agency reported Wednesday, citing China's top price regulator.
The Japanese auto parts suppliers include Hitachi, Nachi and Mitsubishi Electric, the National Development and Reform Commission (NDRC) said, according to the report.
Hitachi and Nachi were exempt from the punishment as it was the first Japanese company to report their monopoly agreements and offer important evidence in this regard, the NDRC said.
The fines to 10 other companies varied from CNY 290 million to CNY 29.76 million, it said.
The eight Japanese auto parts suppliers were found to have frequently met bilaterally or multilaterally in Japan from January 2000 to February 2010, negotiating over prices and implementing agreements over quoted prices concerning orders from the Chinese market.
The four bearing makers were also found to have jointly convened meetings in Japan and Shanghai from 2000 to June 2011 to discuss the timing and scope of price hikes for bearing products in the Chinese market and later raised their price according to their negotiations, the commission said. (end)
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