TWO Japanese shipping giants NYK and 'K' Line meekly accepted massive fines of EUR395 million (US$485.6 million) from the European Commission for price fixing in the car carrying business between 2006 and 2012.
'NYK wishes to express its sincere regret to shareholders, customers and all relevant personnel for the concern caused by this matter,' said NYK president Tadaaki Naito.
'NYK will continue to make a best effort to prevent recurrence and to recover trust as a company,' Mr Naito said.
Said 'K' Line: ''K' Line takes this matter seriously and has taken steps to further strengthen compliance and training programmes en ensure compliance with all applicable laws and regulations.'
Both companies opted to book the item as an extraordinary loss in the results of the fiscal year ending March 31, 2018.
Both companies declared that they had co-operated fully with the price-fixing investigation. The collusion was committed in the course of social gatherings in bars and restaurants with follow-up telephone conversations.
WORLD SHIPPING
22 February 2018 - 19:06
Update: 22 February 2018 - 22:54
NYK and 'K' Line meekly accept EU fines of US$485.6 million for price fixing
TWO Japanese shipping giants NYK and 'K' Line meekly accepted massive fines of EUR395 million (US$485
WORLD SHIPPING
22 February 2018 - 19:06
Update: 22 February 2018 - 22:54
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