S. African Competition Watchdog Fines Japanese Shipping Firm

South Africa's competition watchdog has recommended Japanese shipping firm Nippon Yusen Kabushiki Kaisha Ltd (NYK) pay a 104 million rand ($8.5 million) penalty for price-fixing and collusion in the transport of cars.

The Competition Commission said on Tuesday NYK had admitted guilt and agreed to pay the fine after an investigation into collusion involving several shipping firms.

"The Commission found that NYK colluded on 14 tenders with its competitors for the transportation of motor vehicles by sea," competition authorities said in a statement.

The ultimate decision rests with the Competition Tribunal, which in most cases backs deals approved by the commission.

Rosalind Lake, a lawyer who represented NYK in the matter, said the company was not in a position to comment until the Tribunal had ruled on the settlement.

The commission said it was still pursuing its investigation into other shippers of motor vehicles, equipment and machinery to and from South Africa.

(Reporting by Wendell Roelf)