Tokyo, Japan, November 14, 2014 (Japan Standard Time) - NSK Ltd. (NSK; Headquarters: Tokyo, Japan; President and CEO: Norio Otsuka) and NSK Korea Co., Ltd. a subsidiary of NSK (NSK Korea), have received a decision from the Korea Fair Trade Commission regarding contraventions of the Monopoly Regulation and Fair Trade Act in connection with certain past sales of bearings in Korea.
Following internal investigations into transactions in Korea, NSK and NSK Korea have fully cooperated with the Korea Fair Trade Commission's investigation. As a result, NSK and NSK Korea have been exempted from any remedial order, surcharge, or criminal report
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 decision has no impact on NSK's consolidated business forecast for the fiscal year ending March 31, 2015, because, as stated above, NSK and NSK Korea have received no surcharges or other sanctions in relation to the matter above.