News / Koyo Australia Pty. Ltd. penalized by Australian court for violation of Australian Competition and Consumer Act 2010
Date: 2013-10-23
Koyo Australia Pty. Ltd. penalized by Australian court for violation of Australian Competition and Consumer Act 2010
On October 18, 2013 (Australian Eastern Standard Time), Koyo Australia Pty. Ltd. (AKL), a wholly owned subsidiary of JTEKT CORPORATION (JTEKT), was ordered by the Federal Court of Australia to pay a civil penalty of A$ 2 million (approximately 188 million yen) for violation of the Competition and Consumer Act 2010 in connection with past sales transactions of bearings for aftermarket products.
JTEKT and AKL have fully cooperated with the investigation by the Australian Competition and Consumer Commission (ACCC) and concluded the settlement agreement with the ACCC. AKL agreed to pay the above penalty, which was approved by the Court.
As JTEKT treats this matter with the utmost seriousness, it has taken the appropriate measures to prevent any recurrence and it has increased its efforts to ensure compliance with all applicable laws and regulations. JTEKT sincerely regrets the concern this matter has generated.
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