The Strategist

China Fined 8 Sea Carriers for Price Fixing


12/28/2015 - 15:56



Chinese antitrust regulators fined eight companies engaged in maritime transport, totaling 407 million yuan ($ 63 million), accusing them of conspiring to cartel overcharges for transportation of vehicles and heavy equipment.



JN Port at Nhava Sheva. — Paul Noronha
JN Port at Nhava Sheva. — Paul Noronha
Basing on the finding of National Development and Reform Commission (NDRC), the main function of which is to control prices in the PRC, a number of companies was recognized guilty of deliberately inflating prices of their services. Fines were applied to the Japanese Nippon Yusen KK, Mitsui OSK Lines, Kawasaki Kisen Kaisha and Eastern Car Loner Ltd., a Korean Eucor Car Carriers, Norway's Wallenius Wilhelmsen, as well as the Chilean Cia, Sud Americana de Vapores SA and its subsidiary. All companies admitted the violations.

Earlier, antitrust regulators in Japan and the European Union conducted similar investigations.

Chinese regulators are increasingly using anti-monopoly legislation adopted in 2008 in the fight against rising prices. Recently, a large fine was imposed on producers of dairy products and baby food. These imported goods were sold at a premium after the scandal of contaminated products produced in China. Then the sum of penalties from six companies amounted to about $ 100 million.

source: bloomberg.com




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