17 Apr 2009
Brussels -- Bridgestone Corp. has said it wil not appeal against a decision by the EC to fine it for participation in a cartel to rig sales of marine hoses.
On January 28, 2009, Bridgestone Corporation and its British subsidiary, Bridgestone lndustrial Ltd. had received a notice of decision from the European Commission imposing a fine of 58.5 million euros with respect to the alleged international cartel of marine hose.
After careful consideration, BSJ has determined that bringing the course of proceedings to an end and focusing on the reinforcement of its compliance system and promotion of preventive measures are the appropriate action to be taken. Therefore, as an overll judgment, BSJ confirms that it will not appeal the decision and will pay the imposed fine.
BSJ has recorded 7,485 million yen as an expense for the flne from the European Commission in its fiscal year ending December 31, 2008.
The Bridgestone Group takes this issue with the utmost seriousness and will continue its cooperation to the relevant authorities.
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