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Japanese shipping lines reveal scale of fines by EC for car carrier cartel

Japanese shipping lines reveal scale of fines by EC for car carrier cartel
Japanese shipping companies K Line and NYK have revealed the individual scale of fines levied against them by the EC operating a cartel with three other lines on the car carrier trades to and from Europe.

K Line, NYK, CSAV and WWL-Eukor have been fined EUR395m ($486.6m) for breaching anti-trust laws on the car carrier trade, while the fifth company involved, Mitsui OSK Lines (MOL) escaped penalty have blown the whistle on the cartel.

NYK said that the EC had imposed EUR141.82m fine on the company following discussions with the Commission to reach a settlement.

“NYK has been committed to complying with the spirit of laws and regulations of Japan and all other jurisdictions,” the company stated.

“Nevertheless, NYK wishes to express its sincere regret to shareholders, customers and all relevant personnel for the concern caused by this matter. NYK will continue to make a best effort to prevent recurrence and to recover trust as a company.”

Fellow Japanese line K Line said it was fined EUR39.1m by the commission. “K Line takes this matter seriously and has taken steps to further strengthen its compliance and training programs to ensure compliance with all applicable laws and regulations,” the company said.

Meanwhile MOL, which escaped penalty for having revealed the cartel to the Commission said: “We are taking the EC’s announcement very seriously. We are making our best efforts to prevent any recurrence of such issues, to further enhance MOL’s compliance structure, and to regain public confidence.”

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