NSK – Notification of Response to Cease-and-Desist Order and Administrative Surcharge Payment Order from the Japan Fair Trade Commission

Powertransmissions - Notification of Response to Cease-and-Desist Order and Administrative Surcharge Payment Order from the Japan Fair Trade Commission

Tokyo, Japan, May 29, 2013 – NSK Ltd. (NSK; Headquarters: Tokyo, Japan; President and CEO: Norio Otsuka) received a cease-and-desist order and administrative surcharge payment order on March 29, 2013, from the Japan Fair Trade Commission (the “JFTC”) for violation of Antimonopoly Act of Japan regarding the sale of bearings.

NSK has examined the content of the cease-and-desist order and administrative surcharge payment order and has considered its response carefully. As a result, NSK today submitted a hearing request to the JFTC regarding the administrative surcharge payment order.

On the other hand, NSK accepted the cease-and-desist order after taking into consideration the advice of external experts and other circumstances.

NSK views the situation with the utmost seriousness, and has developed and implemented a range of compliance enhancement countermeasures, including the following:

  • Enhancement of compliance training for all executive officers and employees across the NSK Group.
  • Distribution of an “NSK Corporate Code of Ethics” guidebook to all executive officers and employees of the NSK Group, and collection of written oaths of conformity with laws and internal rules.
  • Enhancement of the internal audit system by utilizing external institutions and further promotion of the whistleblower hotline.
  • Continued enhancement of compliance awareness by providing executive officers and employees with compliance-related information via the NSK Group intranet and articles in the internal Group newsletter.

NSK will take comprehensive measures to ensure strict compliance with all applicable laws and regulations during its corporate activities, and will continue to devote every effort to restoring the trust of all stakeholders and the public.

 

 

Source: NSK

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