JTEKT CORPORATION fined by Canadian court for violation

Powertransmissions - JTEKT CORPORATION fined by Canadian court for violation

On July 12, 2013 was ordered by the Quebec Superior Court of Justice to pay a fine of CA $ 5 million for violation of the Canadian Competition Act in connection with past sales transactions * of automotive wheel hub unit bearings.
JTEKT has conducted the internal investigations in connection with the on-site inspection by the Japan Fair Trade Commission in July 2011 to investigate a possible violation of the Act on Prohibition of Private Monopolization and Maintenance of Fair Trade in Japan with respect to sales transactions involving bearings. Based on the fact which has come to light through the above internal investigations, JTEKT has fully cooperated with the investigation by the Canadian Competition Bureau and negotiated for a plea agreement. JTEKT finally concluded a plea agreement with the Canadian Director of Public Prosecution and was ordered the above fine.
As JTEKT treats this matter with the utmost seriousness, it has taken the appropriate
measures to prevent any recurrence and it has intensified its efforts to ensure compliance
with all applicable laws and regulations. JTEKT sincerely regrets the concerns.
THIS past sales transactions were regarding the wheel hub unit bearings for some
automobiles assembled by the TOYOTAMOTOR CORPORATION’s manufacturing
subsidiary in Canada.
Source: JTEKT
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