2014
Nov.17, 2014
Minebea Co., Ltd.
Announcement of the Korea Fair Trade Commission on the Trading of Small-sized Ball Bearings
On November 14, 2014, the Korea Fair Trade Commission ("KFTC") announced that KFTC had decided to issue an order for corrective action to Minebea Co., Ltd. ("Minebea") and NMB Korea Co., Ltd (Minebea's Korean sales subsidiary) and payment of surcharge of 4,912 million Korean won (approximately 500 million JPY) to Minebea concerning the violation of the Korea Fair Trade Law (competition law) in relation to the trading of small-sized ball bearings in Korea.
Minebea has been committed to aggressively and voluntarily carrying out the compliance training program including the observance of competition law on an as-needed basis throughout its corporate group in Japan and overseas as well and we sincerely regret that such a decision has been made.
With regard to this issue, we deeply apologize to all the parties concerned including our shareholders and customers for so many worries. Minebea takes the matter very seriously and will ensure thorough compliance system and make all-efforts to regain trust and credibility from all of such parties concerned.
There is no change to the full-year business forecast for fiscal year ending March 31, 2015.
Note: "Small-sized ball bearings" are based on the definition of the KFTC.
Minebea Products: "Miniature and small-sized ball bearings"
| Company Name: | Minebea Co., Ltd. |
|---|---|
| Representative: | Yoshihisa Kainuma Representative Director, President and Chief Executive Officer (Code No. 6479, TSE Div. No.1) |
| Contact: | Yasuo Komine General Manager Corporate Communications Office |
| Phone: | +81-(0)3-6758-6703 |
Product information, contact and other context are subject to change without prior notice.
