|Japanese-European auto parts cartel fined 953m euros
The European Commission announced it has slapped fines totalling nearly 1 billion euros on a cartel of European and Japanese companies that supply ball bearings to car and truck manufacturers.
The six companies "colluded to secretly coordinate their pricing strategy vis-a-vis automotive customers for more than seven years'' said the commission in announcing the 953 million euros in fines.
The biggest fine of 370.5 million euros was imposed on Germany's Schaeffler, followed by Sweden's SKF at 315.1 million euros.
Of the four Japanese companies, three were fined: NTN 201.4 million euros, NSK 62.4 million euros and NFC nearly 4 million.
JTEKT escaped a fine as it reported the cartel to the European Commission.
The other five companies had their fines reduced as they agreed to settle with the commission.
"Today's decision is a further milestone in the Commission's ongoing effort to bust cartels in the markets for car parts,'' said Joaquin Almunia, the Commission vice president in charge of competition policy.--AFP