European Commission Imposes USD 48.12 Mn Fine on “K” Line, Company Reports ‘Extraordinary’ Loss

0
(Image Courtesy: "K" Line Bulk UK)

Kawasaki Kisen Kaisha, Ltd. (“K” Line) on Thursday has announced that it has received notification of a European Commission Decision imposing a fine on “K”Line of € 39,100,000 (USD 48,127,799) for infringement of EU competition Law in connection with the deep sea car carriage services which started or ended in the EEA.

Since September 2012, the European Commission has investigated certain car carriers including “K” Line in this matter, and “K” Line has fully cooperated with the investigation, the company stated through a press statement.

“K Line takes this matter seriously and has taken steps to further strengthen its compliance and training programs to ensure compliance with all applicable laws and regulations,” the statement added.

“K” Line will record the equivalent amount in Japanese yen as an extraordinary loss in the fiscal year ending March 2018.  In conjunction with this, “K” Line has not changed its forecasts for consolidated financial results for the fiscal year ending March 31, 2018, announced on January 31, 2018.

Sea News, February 23