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”.
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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