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.