7 Major Shipping Companies Fined $63 million!

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A fine of 407 million yuan has been posed on seven major international shipping companies by China after a year-long investigation.

The National Development and Reform Commission (NDRC) said that the companies were violating the country’s anti-monopoly laws for at least four years as the companies colluded to raise rates on shipments of cars, trucks and construction machinery across five shipping routes, including between China and Europe.

NRDC has imposed a fine of about 4% to 9% of the firm’s shipping sales with China.

One of the shipping companies from Japan, which was found violating anti-monopoly law, was granted immunity from fine as it fully co-operated with the probe.

Disclaimer: This video is intended for educational purpose only and not to be construed as a news article.

Source: Reuters

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