According to foreign reports, Seiko Japan formed a cartel alliance with two other Japanese bearing manufacturers and conspired to manipulate the price of bearing products in the Australian market. A few days ago, Seiko was fined $3 million in Australia.
From 2000 to 2011, senior executives of Nippon Seiko, Nachi and Koyo Seiko negotiated secretly in Australia to manipulate the price of bearing products.
The Federal Court of Australia found that NSK Australia raised the price of bearing products by 4% and 10% respectively in 2008 and 2009. In this regard, the Federal Court imposed a fine of US$3 million on Japan Seiko Australia.
Roth Sims, chairman of the Australian Competition and Consumer Commission (ACCC), which initiated the anti-monopoly investigation, said that the monopoly of the three companies mentioned above did not involve the supporting business of the vehicle, but it involved the aftermarket of the car.
In October of last year, Koyo Precision Co., Ltd., a subsidiary of Jieteget, had been fined by the Federal Court of Australia for US$1.9 million for controlling the price of the bearings.