A Federal Court has found executives of Japanese bearing maker NSK guilty of conspiring with two other companies to fix bearing prices, according to reports.
The distributor NSK Australia was therefore fined $2.8 million. Reports say the Court found the company to have colluded with Nachi Australia and Koyo Australia to manipulate prices.
The findings said executives from the firms secretly met over dinner as the “Southern Cross Association” to plan price manipulation schemes.
The fine was issued to NSK after officials found the company to have implemented such price-fixing plans discussed at the dinner meetings.
According to reports, the meetings were held before 2009, when Australia’s anti-cartel laws were first introduced. The judge presiding over the case was reportedly following old cartel rules and therefore the firm did not face criminal charges or higher fines.
Full content: Smart Company
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