Tokyo, Japan, January 31 2014 (January 30, 2014 Canadian Eastern Time)- NSK Ltd. (NSK; Headquarters: Tokyo, Japan; President and CEO: Norio Otsuka) was ordered to pay a fine of CA$ 4.5 million (410 million yen) by the Quebec Superior Court of Justice for participating in activities that violated the Canadian Competition Act in relation to certain sales of automotive bearings in Canada.
NSK and its subsidiaries have been fully cooperating with the Canadian Competition Bureau's investigation into certain sales of automotive bearings in Canada. Based on the results of an internal investigation into the alleged violation, NSK negotiated with the authorities and concluded a plea agreement. As a result, the Quebec Superior Court of Justice administered the above fine.
We express our sincere regret for the concern this matter has caused our shareholders, customers, and other stakeholders. NSK and its subsidiaries regard the situation with the utmost seriousness and have taken and will continue to take comprehensive measures with the help of outside experts and others to ensure strict compliance with all applicable laws and regulations during our corporate activities. We will devote every effort to restoring the trust of all stakeholders and the public.
We will record the fine as an extraordinary loss in the third quarter of the year ending March 2014, and the impact is insignificant.