NDRC imposes RMB 24M surcharge on "K" Line for breaking antitrust law

Kawasaki Kisen Kaisha, Ltd. ("K" Line) was ordered by the National Development and Reform Commission of the People’s Republic of China (NDRC) to pay a RMB 23,980,869 surcharge for violating the Antimonopoly Law of China regarding ocean shipping services for automobiles, the Company said in a news release.

"K" Line fully cooperated with the relevant NDRC’s investigation and was granted with certain surcharge reductions under the leniency policy. "K" Line accepted the penalty decision made by NDRC in accordance with its due procedures and process under Chinese law.

"K" Line expresses its sincere regret for such matter and regards the situation with the utmost gravity. "K" Line has taken steps to further strengthen its compliance and training programs to ensure compliance with all applicable laws and regulations, including but not limited to establishing an extensive antimonopoly training program.

"K" Line has collaborated with enterprises in China for many years, and plans to continue its business activities with enterprises in China going forward while complying with the relative laws and regulations.