JAPANESE shipping giant "K" Line has been fined US$67.7 million by the US Justice Department for a ro-ro price fixing scam with the fine to be paid by money raised from a July 31 share sale.
The company press release said "K" Line "entered into a plea agreement with the United States Department of Justice (DOJ) agreeing to pay a fine of US$67.7 million to resolve allegations that "K" Line violated US antitrust laws in connection with the sale of ocean shipping services for roll-on, roll-off cargo.
"'K' Line has co-operated fully with the DOJ's investigation and will continue to do so. 'K' Line takes this matter seriously and has taken steps to further strengthen its compliance with all applicable laws and regulations.
"K" Line will post JNY7.03 billion (US$64.3 million) extraordinary loss in the second quarter ending March 2015.
"Such a statement is based in part on the fact that "K" Line recorded an extraordinary gain on July 31, 2014 due to the sale of some of our shares of a US-based subsidiary that runs a container terminal," said the company statement.
"'K' Line is currently making calculations to determine a detailed figure in respect of the full-year financial forecast. 'K' Line will promptly disclose such figure when it becomes final," the release concluded.
WORLD SHIPPING
28 September 2014 - 17:07
'K' Line fined US$67 million for ro-ro price fix, July share sale pays bill
JAPANESE shipping giant "K" Line has been fined US$67.7 million by the US Justice Department for a ro-ro price fixing scam with the fine to be paid by money raised from a July 31 share sale.
WORLD SHIPPING
28 September 2014 - 17:07
'K' Line fined US$67 million for ro-ro price fix, July share sale pays bill
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