NSK Ltd. (NSK; Headquarters: Tokyo, Japan; President and CEO: Norio Otsuka) and its subsidiaries have agreed to plead guilty and to pay a total of a fine of US$68.2 million (Approximately ¥6.8 billion) for participating in activities that violated the U.S. antitrust laws in relation to sales of bearings.
NSK and its subsidiaries have been fully cooperating with the US DOJ’s investigation, including responding to the subpoena issued to the U.S. subsidiary on November 2011. As of today, NSK and its subsidiaries have entered into the plea agreement as mentioned above, after reviewing the relevant facts and range of relevant laws and receiving advice from the outside experts and others.
We express our sincere regret for the concern this matter has caused our shareholders, customers, and other stakeholders. NSK and its subsidiaries regard the situation with the utmost seriousness and will take comprehensive measures with the help of outside experts and others to ensure strict compliance with all applicable laws and regulations during our corporate activities. We will devote every effort to restoring the trust of all stakeholders and the public.
We will record the fine as an extraordinary loss in the second quarter of the year ending March 2014. NSK is currently assessing the possible effect on its financial results for the fiscal year ending March 2014 and will report on that separately when the assessment is complete.