Japanese Regulator Fines Utilities $754.7 mln for Forming Cartel

Reuters

18:05 JST, March 30, 2023

TOKYO(Reuters) – Japan’s antitrust watchdog said on Thursday that it has ordered three utilities to pay a total of more than 100 billion yen ($754.66 million) fine for violating anti-monopoly laws.

Among the three, Chugoku Electric Power Co 9504.T was hit with the biggest fine of 70.7 billion yen.

The Japan Fair Trade Commission also ordered Chubu Electric Power Co 9502.T to pay a 27.6 billion yen fine, while Kyushu Electric Power Co 9508.T was ordered to pay 2.7 billion yen.

Regulators had investigated the companies for anti-competitive behavior and concluded that they had formed a cartel.