According to the latest news, NSK Ltd. (TYO:6471), a Japanese company that provides spare parts for cars, was given a penalty of $28.2 million in fine by the Chinese authorities who deal with the anti-monopoly regulations.
NSK Ltd. (6471.Tokyo) is the manufacturer and distributor of ball bearings and other auto spare parts.
NSK Ltd. (6471.Tokyo) has not provided the press with any details on the rules that it allegedly broke. The company said that it was cooperating with the Chinese regulators.
Chinese regulators have started a number of investigations on different automaker companies. It is interesting to note here that all these guilty companies, more or less, include the foreign corporations. The authorities are using Chinese anti monopoly regulation, which was designed 6 years ago, to lower down the prices of foreign technology.
A Chinese official said that almost 11 Japan based auto companies have been found guilty of violating the anti monopoly rules; however, none of the companies has been publicly revealed yet.
Although the regulators are avoiding disclosing details about the companies that have violated Chinese anti monopoly law, one of the agencies announced on Monday, August 18, 2014, that Mercedes Benz was also included in the list. Mercedes Benz, a unit of Daimler AG, was found guilty of price fixing. The company used vertical price fixing tactics in the replacement of the damaged auto parts.
The allegation on Mercedes Benz suggests that the Chinese authorities are investigating on those companies against which they receive complaints of high prices.
The Chinese officials have also alleged Audi luxury unit manufactured by Volkswagen AG and Chrysler unit of Fiat Chrysler Automobile NV for price fixing.
Toyota Motor Co. ADR (NYSE:TM) also said that its Lexus vehicle is under great scrutiny.
The Chinese anti-monopoly law was enacted back in 2008, and the business sector greatly welcomed the new law as it was a step toward making the operating conditions in the country of China better. However, the business sector is now of the view that this legislature has been used against the foreign corporation more often than it has been used against the domestic competitors. The Chinese authorities are widely using this law to force down the prices of commodities, especially in the auto sector of the market.
Authorities are also launching their investigations in the Qualcomm Inc, a chip maker company based in California. Qualcomm provides chips for mobile phones.
Similarly, Microsoft Corporation, one of the tech giants, has also been accused of violating this law.
In the year 2013, China collected almost $108 million revenues in the form of fines imposed on 5 foreign dairy companies and 1 local company on the basis that they set minimum prices against the Anti-monopoly law, and asked the distributors to charge and collect that minimum price from the customers.
A number of auto companies have reduced their prices significantly in the country of China so as to avoid any allegation that they might face otherwise. However, if China continues to do so, chances are that it will normalize the margins; a number of foreign companies are running their operations in China due to the promising margins. Once the margins normalize, foreign companies will have no incentive to expand their operations in China.
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