JTEKT says it has been fined CNY109.36m (US$17.78m) by the National Development and Reform Commission (NDRC) of People’s Republic of China for violation of Chinese antitrust law in relation to some past sales of bearings in Chinese market.
In a statement the company said it “treats this matter with utmost seriousness and has taken appropriate measures to prevent recurrence”.
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JTEKT added that it is currently analysing the impact of the fine on the company’s financial forecast for the fiscal year ending March of 2015 and will make a public disclosure as soon as it can.
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