Tuesday, December 16, 2014
Singapore fines Japanese freight firms $7M for price fixing
The Competition Commission of Singapore has imposed penalties totaling $7.15 million on 10 Japanese freight forwarders, including some of the industry’s biggest names, and their local subsidiaries for price fixing.
Another company, DHL Global Forwarding, escaped the fine by being the first to blow the whistle and provide evidence to the competition watchdog.
The 10 companies fined were Hankyu Hanshin Express, "K" Line Logistics, Kintetsu World Express, MOL Logistics, Nippon Express, Nishi-Nippon Railroad, Nissin Corp, Vantec Corp, Yamato Holdings and Yusen Logistics.
CCS found that the firms and their local units or affiliates infringed Section 34 of the Competition Act by collectively fixing certain fees and surcharges and by exchanging client and price information for shipments on the Japan-Singapore route.
For more of the Asia One story: business.asiaone.com
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