On May 27, JTEKT Corporation and its consolidated subsidiary, Koyo Singapore Bearing (Pte) Ltd. received a decision issues by the Competition Commission of Singapore with respect to an infringement of Singapore’s Competition Act, in relation to the sales of bearing to aftermarket customers in Singapore. The CCS granted immunity from any financial penalties to JTEKT and KSBP as a result of JTEKT and KSBP’s cooperation in its investigation.
However, we express our deepest regrets for the fact that JTEKT and KSBP had been involved in conduct which the CCS found to have violated Singapore’s Competition Act. We have taken appropriate measures to prevent recurrence and have intensified effort to ensure compliance with all applicable laws and regulations.
At this time, JTEKT does not plan to revise its consolidated performance forecast for the fiscal year 2014 due to this matter.
