The Chinese government has handed down its biggest ever anti-trust fine, on 10 Japanese auto parts manufacturers who were penalised in connection with an investigation into pricing practices in the world’s largest automotive industry.
In a statement on Wednesday morning, the National Development and Reform Commission said the companies would pay penalties totaling Rmb1.24bn ($200m), almost double the Rmb670m fine paid by six baby formula makers last year.
Sumitomo Electric was ordered to pay the biggest individual fine, of Rmb290.4m – equivalent to 6 per cent of its annual China revenues. Two other Japanese companies, Hitachi Ltd and Nachi-Fujikoshi Corp were also investigated and found guilty of violations but were exempted from penalties for their cooperation in the probe.