|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 Corp., headquartered in Kariya, Aichi prefecture, Japan has more than 220 subsidiaries in 35 countries and regions (including Japan) and employs approximately 170,000 people worldwide. Consolidated global sales for the fiscal year ending March 31, 2018, totaled US$48.1 billion. Last fiscal year, DENSO spent 8.8% of its global consolidated sales on research and development. DENSO common stock is traded on the Tokyo and Nagoya stock exchanges.
For more information, go to www.denso.com.
Visit our media website at www.denso.com/global/en/news/media-center/.
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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