Fines from the National Development and Reform Commission amounted to US$200m in total, including a record fine of SU$40m to Sumitomo Electric Industries. Sumitomo has been given the biggest anti-trust fine handed out to a single company.
Beware of China
Chen Danzhou, a lecturer in anti-monopoly law at Beijing’s University of International Business and Economics, said: ‘This sends a warning to companies engaging in global price-fixing that they should beware of China. The government is getting more aggressive as it tries to make a structural adjustment to the market.’ And Andrew Foster, of Skadden, Arps, Slate, Meagher & Flom in Beijing, said: ‘There’s a very real risk that these continued and high profile investigations will have a material impact on the willingness of foreign multinationals to be present in China.’ Source: Bloomberg
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