Sumitomo Electric Industries, Ltd. (hereinafter, “Sumitomo Electric”) received a decision from the National Development and Reform Commission of China (the “Commission”) stating that Sumitomo Electric violated China’s Anti-Monopoly Law in connection with the supply of automotive wiring harnesses and related products.
Sumitomo Electric is committed to compliance with all applicable competition laws around the world. The Commission’s decision is based on conduct that took place until 2009. In June 2010, however, Sumitomo Electric strengthened its compliance with competition laws on a group-wide basis, through measures such as instituting a competition law compliance program and mobilizing specialized internal organizations. Compliance with competition laws remains the highest priority item for our business, and we will strive to engage in business activities in a fair manner.
- 1. Amount of surcharge
- 290,400,000 yuan (approximately 4.8 billion yen)
- 2. Effect on financials
- This matter will not require an adjustment to Sumitomo Electric’s second quarter and full-year consolidated financial forecasts for the fiscal year 2014, which were stated in Fact Book 2014 1st Edition.