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August 20, 2014

CHINA: NDRC fines Denso $24.5m

The National Development and Reform Commission (NDRC) of China has announced that it decided to impose monetary sanctions on certain automotive suppliers for violation of China's Anti-Monopoly Law in connection with sales of certain automotive components.

The National Development and Reform Commission (NDRC) of China has announced that it decided to impose monetary sanctions on certain automotive suppliers for violation of China’s Anti-Monopoly Law in connection with sales of certain automotive components. The NDRC’s announcement includes monetary sanction of CNY150.56m (US$24.47m) on Denso.

The NDRC investigation involved certain automotive suppliers, including Denso, and the company says it has fully cooperated with the authority.

The payment will be recorded as an extraordinary loss in the second quarter of the fiscal year ending 31 March 2015. It will have no material effect on the company’s financial statements, Denso said.

Denso said its group companies have taken various measures, including implementing more stringent compliance rules, more enhanced compliance training and more meticulous compliance monitoring, so as to further ensure that employees comply with all applicable antimonopoly laws.

Denso added it is committed to compliance with all applicable antimonopoly laws around the world.        

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