The Korea Fair Trade Commission's Announcement Concerning the Monopoly Regulation and Fair Trade Act related to Certain Automotive Components
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The Korea Fair Trade Commission's Announcement Concerning the Monopoly Regulation and Fair Trade Act related to Certain Automotive Components - JCN Newswire
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The Korea Fair Trade Commission's Announcement Concerning the Monopoly Regulation and Fair Trade Act related to Certain Automotive Components

Kariya, Japan, Dec 23, 2013 - (JCN Newswire) - The Korea Fair Trade Commission (the "KFTC") announced today that it decided to order to rectify illegal conduct, impose a surcharge and bring an accusation to certain automotive suppliers pursuant to Articles 19, 21 and 22 of the Monopoly Regulation and Fair Trade Act, in connection with sales of automotive windshield wiper systems and instrumental panel clusters.

The KFTC has investigated this matter at certain automotive suppliers, including DENSO Corporation and its subsidiaries in Republic of Korea, and the DENSO companies have fully cooperated with the KFTC.

As per the KFTC's announcement, DENSO Corporation and its subsidiaries, DENSO Korea Automotive Corporation and DENSO Korea Electronics Corporation, were named as the suppliers involved in violation of the Monopoly Regulation and Fair Trade Act (No. 8 of Section 1 in Article 19). However, the DENSO companies were exempted from all of the KFTC's orders as described above, because they had completely eliminated the conduct that was suspected to be in violation before the commencement of the authority's investigation and because they applied to the KFTC for the leniency program in regard to suspected illegal conduct related to sales of automotive windshield wiper systems and instrumental panel clusters, which was granted by the KFTC.

It is DENSO's policy to comply with all applicable antimonopoly laws. DENSO group companies have been taking various preventive measures, including implementing more stringent compliance rules, more enhanced compliance training and more meticulous compliance monitoring, in order to further ensure that they comply with all applicable antimonopoly laws.

DENSO is committed to compliance with all applicable antimonopoly laws around the world.

About Denso

DENSO Corporation, headquartered in Kariya, Aichi prefecture, Japan, is a leading global automotive supplier of advanced technology, systems and components in the areas of thermal, powertrain control, electronics and information and safety. Its customers include all the world's major carmakers. Worldwide, the company has more than 200 subsidiaries and affiliates in 38 countries and regions (including Japan) and employs more than 130,000 people. Consolidated global sales for the fiscal year ending March 31, 2013, totaled US$38.1 billion. For more information, go to www.globaldenso.com, or visit our media website at www.densomediacenter.com.

Contact:

Sadayoshi Yokoyama, Goro Kanemasu 
DENSO CORPORATION 
Phone: 81-566-25-5594 
Fax: 81-566-25-4509 
sadayoshi_yokoyama@denso.co.jp 
goro_kanemasu@denso.co.jp 
 


Dec 23, 2013
Source: Denso

Denso (TSE: 6902) (U.S: DNZOY)

From the Japan Corporate News Network
http://www.japancorp.net
Topic: Press release summary
View more news from these Sectors: Automobile Parts and Manufacturing, Automotive General


 
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