Japanese regulator fines utilities $754.7 mln for forming cartel (updated)

Chugoku Electric Power Co

30/03/2023 10:25

(Adds Chugoku resignations in 2nd paragraph, Chubu filing in
4th.)
       TOKYO, March 30 (Reuters) - Japan's antitrust watchdog
said on Thursday that it has ordered three utilities to pay a
fine totalling more than 100 billion yen ($754.66 million) for
violating anti-monopoly laws and forming a cartel.
    Among the three, Chugoku Electric Power Co  9504.T  was hit
with the biggest fine of 70.7 billion yen. Chugoku Electric
separately announced that president Natsuhiko Takimoto and
chairman Mareshige Shimizu would retire in June.
    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.
    Chubu Electric said it would file a lawsuit to rescind the
FTC's order.
    Regulators had investigated the companies for
anti-competitive behaviour and concluded that they had formed a
cartel.  urn:newsml:reuters.com:*:nL1N32R0FI
    ($1 = 132.5100 yen)

 (Reporting by Mariko Katsumura and Rocky Swift; Editing by
Christian Schmollinger and Bernadette Baum)
 ((Mariko.Katsumura@thomsonreuters.com;))