Tokyo, Japan, March 19, 2014 (Brussels Time) – The European Commission has imposed a fine of € 62,406,000 (approximately 8.8 billion yen) on NSK Ltd. (NSK; Headquarters: Tokyo, Japan; President and CEO: Norio Otsuka) and its wholly owned subsidiaries NSK Europe Ltd. and NSK Deutschland GmbH for their participating in activities that violated the European Competition Law in relation to sales of automotive bearings.
NSK and its subsidiaries have been fully cooperating with the European Commission's investigation throughout the investigation. After reviewing the relevant facts and range of relevant laws and receiving advice from the outside experts and others, NSK negotiated with the European Commission and reached a settlement. As a result, the European Commission 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.
As of the end of the third quarter of the consolidated fiscal year ending March 31, 2014, we allocated the amount of the above fine as allowance for the Antimonopoly Act related loss.