Tokyo, Japan, May 28, 2014 - NSK Singapore Bearing (Pte.) Ltd., a subsidiary of NSK Ltd. (NSK; Headquarters: Tokyo, Japan; President and CEO: Norio Otsuka), was investigated in February 2013 by the Competition Commission of Singapore ("CCS") in relation to a suspected violation of the Competition Act of Singapore. Since then, NSK and NSK Singapore have fully cooperated with the CCS investigations. Today the CCS has imposed a fine of S$1,286,375 (approximately 100 million yen) on NSK and NSK Singapore for violation of the Competition Act of Singapore in relation to certain sales of bearings in Singapore.
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.
The impact of the payment order on NSK's financial results and other conditions is expected to be insignificant.
This document is an English convenience translation of a document that was originally prepared in the Japanese language and is provided for convenience purposes only. NSK makes no representation or warranty that this document is a complete or accurate translation of the original Japanese text, and it is not intended to be relied upon. If there is any discrepancy between the Japanese and English versions, the Japanese version shall prevail. This document is not intended and should not be construed as an inducement to purchase or sell stock in NSK.