5 Japanese Firms Fined 700 M. Yen over Valve Cartel
Tokyo, June 27 (Jiji Press)--Japan's Fair Trade Commission on Thursday imposed fines totaling about 700 million yen on five Japanese companies for allegedly forming a price cartel for valves for liquefied petroleum gas containers.
The five are Hamai Industries Ltd. and Miyairi Valve Mfg. Co., both of Tokyo, Miyairi Corp. and Miyairi Corp. Tokyo, both based in Ikeda, Osaka Prefecture, western Japan, and Fuji Koki Co. of the central Japan city of Nagoya.
The FTC concluded that the five companies raised prices to ensure their own profits amid a rise in prices of brass, a raw material for valves.
The antitrust watchdog also ordered the five companies to take preventive measures.
According to the FTC, four companies, including Hamai and Miyairi Valve, agreed at meetings of sales managers and others in May 2021 and April 2022 to raise selling prices for LP gas distributors. The decision was shared with Fuji Koki, which followed suit.
(2024/06/27-18:03)
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