Covert Conduct Leads to Hefty Penalties for International Ball Bearing Manufacturers
An Infringement Decision was issued against four Japanese bearings manufacturers and their Singapore subsidiaries (the “Parties”) for contravention of section 34 of the Competition Act by engaging in anti-competitive agreements and unlawful exchange of information in respect of the price and sale of ball and roller bearings sold to aftermarket customers in Singapore. Both the Japan parent and Singapore subsidiary companies were found to be jointly and severally liable for the infringement.
This was CCS’s first international cartel case involving foreign-registered companies and their Singapore subsidiaries. The financial penalties amount to S$9,306,977.
Mr Toh Han Li, Chief Executive, CCS emphasised that price fixing among competitors is one of the most harmful forms of anti-competitive conduct and CCS takes a serious view of such conduct. CCS urges that any business which is part of a cartel should make a leniency application to CCS as soon as possible in order to avoid or reduce the possibility of penalties.