Japan’s third biggest shipping company, led by Jiro Asakura, had entered into a plea agreement and agreed to the fine to resolve allegations that it violated US anti-trust laws in connection with its ro-ro cargo services.
‘K’ Line will record the payment as an extraordinary loss.
The development comes after the Tokyo offices of ‘K’ Line, Mitsui OSK Lines, NYK Line, Eukor Car Carriers, and Wallenius Wilhelmsen were raided by the Japanese Fair Trade Commission in September 2012 over similar violations of Japanese anti-trust law, in relation to cartel-like behaviour in fixing prices. The raids were followed by similar investigations by authorities in the EU, the US, and Canada.
‘K’ Line says the impact on their FY14 financial results will be minor, as they have recorded an extraordinary gain in the end of July after selling some of their shares in a US-based subsidiary that operates a container terminal.
In March, ‘K’ Line was imposed with a surcharge of almost JPY5.7Bn ($56M) by the Japanese Fair Trade Commission for violating Article 3 (Unreasonable restraint of trade) of the Japan Anti-Monopoly Act.