2015
Oct.30, 2015
Minebea Co., Ltd.
Notice of the Court Ruling concerning the Violation of the Korea Fair Trade Law in relation to the Trading of Small-sized Ball Bearings
With regard to the order issued by the Korea Fair Trade Commission ("KFTC") for corrective action to Minebea Co., Ltd. ("Minebea") and NMB Korea Co., Ltd. ("NMB Korea"), Minebea's Korean sales subsidiary, announced on November 17, 2014, the Soul Central District Prosecutor's Office in Korea officially brought a charge as of September 11, 2015 against the two companies concerning the violation of the Korea Fair Trade Law (competition law) in relation to the trading of small-sized ball bearings. Today, the Soul Central District Court issued the ruling that Minebea and NMB Korea were sentenced to a fine of 100 million won (10 million yen equivalent) and a fine of 70 million won (7 million yen equivalent), respectively (the "Ruling").
In respect of the above, we deeply apologize to all the parties concerned including our shareholders and customers for so many worries. Minebea has hitherto strived to strengthen the compliance education and training, including compliance with competition law, in Japan as well as its overseas operations. However, Minebea takes the matter very seriously and is committed to ensuring thorough compliance system and making all efforts to regain trust and credibility from all of such parties concerned more than ever before.
Minebea and NMB Korea will pay the fines. There will be little impact of the Ruling on Minebea's consolidated results of operations.
| 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.
