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Calsonic Kansei: Cease And Desist Order And Surcharge Payment Order Issued By The Japan Fair Trade Commission

The Japan Fair Trade Commission today issued Cease and Desist Order and Surcharge Payment Order to CALSONIC KANSEI CORPORATION (hereinafter “the Company”) with regards to the transactions involving automotive-use radiators and electric fans on which the Company had been investigated by the Commission since July, 2011, finding Antimonopoly Act violations in the Company’s conducts. The … Continued

The Japan Fair Trade Commission today issued Cease and Desist Order and Surcharge Payment Order to CALSONIC KANSEI CORPORATION (hereinafter “the Company”) with regards to the transactions involving automotive-use radiators and electric fans on which the Company had been investigated by the Commission since July, 2011, finding Antimonopoly Act violations in the Company’s conducts. The Company deeply regrets that it caused inconvenience to its customers, shareholders and other relevant persons. The Company shall take this matter with gravity, and reinforce its legal compliance efforts.

With regards to the aforementioned Cease and Desist Order and Surcharge Payment Order, the Company shall review and carefully consider the substance, and determine how to proceed.

The outlines of the aforementioned Orders are as follows:

1. Outline of Cease and Desist Order
The Japan Fair Trade Commission found that the Company had engaged in conducts in violation of the prohibition of unfair trade restraints. The Company was ordered to cease and desist such conducts, and confirm the fact of its cease-and-desist actions.

2. Outline of Surcharge Payment Order
The Amount of Surcharge Payment: JPY 198,660,000

3. Impact on the Company’s Performance
The Surcharge Payment and other related expenses have been recorded as extraordinary losses in the Company’s second quarter financials of this fiscal year. No revisions have been made to the financial forecasts released on November 7, 2012.

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