NTN Corporation (“NTN”) has today withdrawn its hearing request regarding the cease and desist order issued by the Japan Fair Trade Commission (the “JFTC”), after NTN has made a hearing request to the JFTC, seeking the JFTC to rescind the cease and desist order as well as the surcharge payment order issued by the JFTC to NTN.
1. Content of withdrawal
The hearing request regarding the cease and desist order: Withdrawn
2. Reason for the withdrawal
On December 6, 2017, NTN acknowledged that the Supreme Court of Japan dismissed NTN's final appeal regarding violation of the Japan Antimonopoly Act (the “AMA”) with respect to the domestic sales of bearings as of December 5, 2017. In light of the ruling by the Supreme Court, we have decided to withdraw the hearing request regarding the cease and desist order in view of potential expenses, impacts on the company's operations, and other matters which may be incurred if we continue our argument on the presence/absence of a violation of the AMA in the hearing procedures for a long period.
3. Our plan
While we will take appropriate actions according to the cease and desist order from the JFTC, we will also continue to further strengthen our system for thorough compliance with laws and regulations, social norms, ethics, and in-house rules and to promote our efforts to conduct business activities through fair and faithful competition.
With regard to the surcharge payment order, TADANO TG1200 bearing we will keep the hearing procedures in which we will continue our argument on the basis for calculation of the surcharge while we will not continue our argument on the presence/absence of a violation of the AMA.
We will continue to further strengthen our system for thorough compliance with laws and regulations, social norms, ethics, and in-house rules and to promote our efforts to conduct business activities through fair and faithful competition.
