Mitsui Chem to pay PP price fixing fine despite innocence
17 April 2003 01:59 [Source: ICIS news]
SINGAPORE (CNI)--Mitsui Chemicals plans to pay a fine imposed on it by the Japanese Fair Trade Commission (FTC) for price fixing, even though it was not guilty of the offence, according to a company source.
The FTC fined Mitsui Yen760m ($6.3m/Euro5.8m), Japan Polychem Yen845m, and Chisso Corp Yen435m for agreeing to raise the price of polypropylene (PP) by Yen10/kg in 2000.
However, Mitsui was not one of the parties originally charged with price-fixing. It became guilty by default, because it absorbed Grand Polymer, the party originally charged, in April last year.
The FTC had charged Grand Polymer with forming a price cartel with Japan Polychem, Chisso, Sumitomo Chemical, Idemitsu Petrochemical, Tokuyama Corp, and SunAllomer (formerly Montell SDK Sunrise).
The Mitsui source said the cartel operated for six months from April to September 2000.
Four of the companies charged with being part of a cartel - Sumitomo, Idemitsu, Tokuyama, and SunAllomer - are contesting the case.
A Sumitomo source said the company did not agree with the collusion charges and would continue to argue its case with the FTC, adding that it could take a long time to resolve.
By: Alfred Tong
+65 6780 4359
< previous article(VIDEO - ICIS news Asia Lunchtime Bulletin 4 November 2009)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
Links posted in this story:
|
|
Related Articles
- 16 Feb 04 06:41 Sumitomo to transfer flocculants unit to Mitsui Chem
- 19 Aug 03 07:59 Sumitomo, Mitsui Chem dissolving SMPO polyolefins jv
- 07 Aug 03 11:46 France's Atofina involved in 11 EC cartel investigations
- 07 Jul 03 02:01 Sumitomo, Mitsui in talks to decide fate of PE, PP jv
- 28 May 03 03:17 Mitsui Chem sells 6.38% stake in Thai Plastic & Chemicals
- 22 May 03 07:01 Japan's Mitsui Chemical to raise propylene, PP output
- 21 May 03 03:09 Mitsui Chemicals to slash 800 jobs in current year
- 19 May 03 09:25 Petchems, basic chems lift Mitsui’s ‘02-03 op pft up 33%
- 17 Apr 03 06:24 Mitsui starts commercial ops at S'pore elastomer unit
- 09 Apr 03 04:36 Mitsui plans to complete China phenol study in mid-'03
- 09 Apr 03 02:14 Mitsui still keen on Asian C2 after Sumitomo merger dropped
- 04 Apr 03 10:50 Mitsui Chem cuts '02-'03 op pfts view by 9.7% to Yen56bn
- 03 Apr 03 04:09 Japan’s FTC fines Mitsui, JPC, Chisso for PP price fixing
- 02 Apr 03 11:22 Moody's keeps Sumitomo, Mitsui chems ratings steady
- 01 Apr 03 07:09 Little impact on ratings from Sumitomo/Mitsui split: S&P
- 31 Mar 03 16:13 Sumitomo falls back on 3yr plan as Mitsui merger collapses
Latest News
- 01 Dec 09 23:15 EVENING SNAPSHOT - Americas Markets Summary
- 01 Dec 09 23:14 Texas proposes new air permit scheme for fertilizer plants
- 01 Dec 09 23:07 US automobile sales fall less than 1% in November
- 01 Dec 09 22:58 Tronox picks TiO2 distributor for western US
- 01 Dec 09 22:53 US EPA's "sledgehammer approach" on emissions inappropriate - ACC
Paul Hodges goes to the junction of Wall St and the chemical industry.
ICIS Chemicals and the Economy