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China fines eight carriers US$65 million for price fixing
SEVEN foreign shipping companies that transport vehicles as RoRo cargo for automakers have been fined a total of US$65 million on price-fixing charges under China's 2008 anti-monopoly law.
The investigators found Swedish-Norwegian Wallenius Wilhelmsen Logistics, South Korea's EUKOR, Japan's MOL, "K" Line and Eastern Car Liner Ltd, and Chile's CSAV and CCNI improperly co-ordinated bids and routes to keep prices high, the Cabinet's planning agency said.
An eighth carrier, Japan's NYK, was found to have colluded but was spared a fine because it co-operated with investigators, reported The Associated Press.
Representatives of the companies met over a four-year period to share information and make deals to avoid competition, the National Development and Reform Commission said. It said the collusion covered routes linking China with Europe, North America and Latin America, and involved multiple auto brands.
The biggest penalty of $45 million was imposed on EUKOR, followed by Wallenius Wilhelmsen Logistics with a fine of $7.1 million and MOL $6 million, according to the National Development and Reform Commission.
The investigators found Swedish-Norwegian Wallenius Wilhelmsen Logistics, South Korea's EUKOR, Japan's MOL, "K" Line and Eastern Car Liner Ltd, and Chile's CSAV and CCNI improperly co-ordinated bids and routes to keep prices high, the Cabinet's planning agency said.
An eighth carrier, Japan's NYK, was found to have colluded but was spared a fine because it co-operated with investigators, reported The Associated Press.
Representatives of the companies met over a four-year period to share information and make deals to avoid competition, the National Development and Reform Commission said. It said the collusion covered routes linking China with Europe, North America and Latin America, and involved multiple auto brands.
The biggest penalty of $45 million was imposed on EUKOR, followed by Wallenius Wilhelmsen Logistics with a fine of $7.1 million and MOL $6 million, according to the National Development and Reform Commission.
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