|Tuesday, 7 November 2017, 11:16 HKT/SGT|
KARIYA, JAPAN, Nov 7, 2017 - (JCN Newswire) - The Korea Fair Trade Commission (the "KFTC") announced today that it decided to order corrective measures and impose a surcharge on certain automotive suppliers pursuant to the Monopoly Regulation and Fair Trade Act, in connection with certain past sales of automotive fuel pumps and variable cam timing.
The KFTC has investigated this matter at certain automotive suppliers, including DENSO Corporation and its Korean subsidiary (DENSO Korea Automotive Corporation), and the DENSO companies have fully cooperated with the KFTC.
As per the KFTC's announcement, DENSO Corporation and its Korean subsidiary were named as the suppliers involved in the conduct suspected to be in violation of the Monopoly Regulation and Fair Trade Act. However, DENSO was exempted from all of the KFTC's orders as described above, because it had completely eliminated the conduct that was suspected to be in violation before the commencement of the authority's investigation and because it applied to the KFTC for the leniency program in regard to the automotive components referred above, which was granted by the KFTC.
It is DENSO's policy to comply with all applicable competition laws. Since learning of the investigation that was conducted at its U.S. subsidiary by the U.S. Department of Justice in February 2010, 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 competition laws. DENSO believes that it has remained in complete compliance with all competition laws.
DENSO is committed to compliance with all applicable competition laws around the world.
DENSO is a $48.3 billion global mobility supplier that develops advanced technology and components for nearly every vehicle make and model on the road today. With manufacturing at its core, DENSO invests in its 221 facilities in 35 countries to produce thermal, powertrain, mobility, electrification, & electronic systems, to create jobs that directly change how the world moves. The company's 170,000+ employees are paving the way to a mobility future that improves lives, eliminates traffic accidents, and preserves the environment. Globally headquartered in Kariya, Japan, DENSO spent 9.3% of its global consolidated sales on research and development in the fiscal year ending March 31, 2019. For more information about global DENSO, visit https://www.denso.com/global.
Sadayoshi Yokoyama, Toshiko Watanabe
Nov 7, 2017 11:16 HKT/SGT
Topic: Press release summary
From the Asia Corporate News Network
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