Tokyo, Japan, August 19, 2014 – NSK Ltd. (NSK; Headquarters: Tokyo, Japan; President and CEO: Norio Otsuka) was ordered by the National Development and Reform Commission to pay a fine of 174.92 million RMB (approximately 2.9 billion yen) for contraventions of the Anti-Monopoly Law of China in connection with sales of bearings in China.
Following an internal investigation into the alleged conduct, NSK has been fully cooperating with the National Development and Reform Commission's investigation into sales of bearings in China.
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.
If it is determined that a revision to the business forecast for the fiscal year ending March 31, 2015 is necessary due to payment of the above fine, we will disclose it immediately.