MOL Granted Exemption in Car Carrier Price-Fixing Probe

MarineLink.com
Wednesday, March 19, 2014
MOL car carrier: Photo in public domain

Mitsui O.S.K. Lines (MOL) inform that the Japan Fair Trade Commission (the JFTC) has issued Cease and Desist Orders and Surcharge Payment Orders to certain shipping companies regarding certain car carrier shipping trades, but exercised leniency as MOL had already desisted from the questioned business conduct.

The JFTC suspected certain shipping companies, including Mitsui O.S.K. Lines, Ltd. (MOL), of violating the Japanese Antimonopoly Act, and conducted on-site investigations on September 6, 2012. According to the JFTC's announcement, MOL was among the companies found to have violated Article 3 of the Antimonopoly Act (Unreasonable Restraint of Trade).

However, MOL was exempted from all of the administrative orders described above because they had already ceased the questioned conduct before the on-site investigation and the JFTC granted MOL's application under the JFTC's leniency program.

Nevertheless, MOL says it offers its sincere apologies to its valued customers and to society for the concerns. In view of the seriousness of this matter, the compensation of the Chairman, the President, and the Senior Managing Executive Officer responsible for the car carrier business will be cut by 50% for one year starting in April 2014.

The company adds that it is its principle to do its business in full compliance with the laws and MOL has been in compliance with corporate ethics and social norms and is taking the JFTC's announcement very seriously.

 

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Shipping Industry Clean Up its Act

Shipping impacts the world in many positive ways by enabling trade around the world, But despite all the positive impacts, you also have negative impacts, especially environmental impacts,

Cyprus Shipping 'Navigates' the Country to Recovery

Cyprus shipping sector has evolved in the recent years as one of the leading sectors of the economy and “navigates” Cyprus to economic recovery, President of the

First Women's Expedition to the Arctic

Company "MyArctic-expeditions" organize the first women's expedition to the Arctic Ocean. The expedition will start on March 5 in the capital of the Nenets Autonomous

Contracts

Total Signs Deal to Supply LNG to China's ENN

Total SA has signed an agreement to supply liquefied natural gas to ENN Energy in China, according to a news release on the French energy company's website.   The deal is for 0.

Topaz Responder Saves Refugee Migrants

Topaz Energy and Marine has emerged as an unlikely player in the effort to save refugee migrants risking their lives on the sea crossing from Turkey to Greece’s islands in order to reach Europe.

Globus Maritime Reclassifies Board Member

Globus Maritime Limited, a dry bulk shipping company, announced today that when Georgios Karageorgiou, a Class I director of Globus Maritime Limited  resigned on December 28,

Legal

Shipping Industry Clean Up its Act

Shipping impacts the world in many positive ways by enabling trade around the world, But despite all the positive impacts, you also have negative impacts, especially environmental impacts,

Sea Trade’s Problems Multiplying

For good or for bad, shipping market analysts have looked at trade growth ‘multipliers’ for many years, says Clarksons Research.   In 2015 global seaborne trade is estimated to have grown by 2.

Globus Maritime Reclassifies Board Member

Globus Maritime Limited, a dry bulk shipping company, announced today that when Georgios Karageorgiou, a Class I director of Globus Maritime Limited  resigned on December 28,

Finance

Cyprus Shipping 'Navigates' the Country to Recovery

Cyprus shipping sector has evolved in the recent years as one of the leading sectors of the economy and “navigates” Cyprus to economic recovery, President of the

Sardines Boost Murmansk Port Turnover

In January 2016 turnover of the Murmansk Marine Fishing Port reached 22 thousand tons of cargo, including 15 thousand tons of fish. This is higher than last year,

COSCO Plans European Transhipment Hub

China's COSCO is forging ahead with a plan to build a European transhipment hub, reports Reuters. The state owned shipping giant is expected to make an offer for

Logistics

Cyprus Shipping 'Navigates' the Country to Recovery

Cyprus shipping sector has evolved in the recent years as one of the leading sectors of the economy and “navigates” Cyprus to economic recovery, President of the

Demolition Age Drops as the Dry Bulk Market Enters Another Challenging Year

The dry bulk market faced a lot of headwind in 2015 as dwindling demand and over-supply created very unfavourable market conditions, says BIMCO.   2016 has shown

Shipping Line Consolidation: What Did the Airlines Do?

The container shipping industry is faced with the challenge of ever-decreasing freight rates that can only be served viably with larger, more efficient vessels.

 
 
Maritime Security Maritime Standards Navigation Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1109 sec (9 req/sec)