NSK Australia has been ordered by the Federal Court of Australia to pay a pecuniary penalty of A$3m (US$2.80m) for contraventions of the Australian competition law in connection with certain sales of bearings in Australia.
NSK and NSK Australia have been fully cooperating with the Australian Competition and Consumer Commission’s investigation in certain sales of bearings in Australia. Following an internal investigation into the alleged conduct, NSK negotiated with the Australian Competition and Consumer Commission and reached a settlement. As a result, the Federal Court of Australia made orders which were agreed to between NSK Australia and the Australian Competition and Consumer Commission, including imposing the above penalty.
Go deeper with GlobalData
NSK does not revise its consolidated business forecast for the fiscal year ending 31 March 2015, based on the imposition of the above penalty.
