Dec 14, 2017
NGK SPARK PLUG CO.,LTD.
NGK SPARK PLUG CO., LTD. to pay fine ordered by Canadian court for violation of Canadian Competition Act.
On December 13th, 2017 (North America - Eastern Time), NGK SPARK PLUG CO., LTD. ( hereafter “NGK SPARK PLUG”) was ordered to pay a fine of 550,000 Canadian dollars, by the Ontario Superior Court of Justice, for a violation of the Canadian Competition Act in connection with past sales of spark plugs to a certain customer.
NGK SPARK PLUG and its subsidiaries have been fully cooperating with the Canadian Competition Bureau’s investigation into certain sales of spark plugs in Canada. Based on the results of an internal investigation into the alleged infringement, NGK SPARK PLUG negotiated and concluded a plea agreement with the Canadian Director of Public Prosecution. As a result, the above fine was ordered by the court.
NGK SPARK PLUG takes this situation very seriously and will continue its group-wide compliance education to prevent the recurrence of such conduct. NGK SPARK PLUG will strive to restore reliance from its stake holders.
NGK SPARK PLUG does not expect any significant impact on its consolidated financial forecast for the year ending March 31, 2018 as a result of this matter.