China fines Hitachi, CRRC unit for failing to declare joint venture
[SHANGHAI] China's commerce ministry has fined Japan's Hitachi Ltd and a unit of domestic trainmaker CRRC Corp 150,000 yuan (US$23,100) each for failing to declare a joint venture set up over three years ago.
Hitachi and Beijing CNR agreed in March 2013 to set up a rail traffic signal joint venture and obtained a business license a year later but failed to declare the tie-up to authorities, the Ministry of Commerce's anti-monopoly bureau said in a statement on Wednesday.
Beijing CNR was a unit of China CNR, which merged with rival trainmaker CSR Corp to create CRRC Corp last year.
In a separate statement, the commerce ministry said it had also fined Bombardier and China's New United Group 400,000 yuan and 300,000 yuan respectively for failing to declare a joint venture set up in 2015 to bid on urban rail and tram traffic signal contracts.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Gazelle Ventures makes cash offer for No Signboard shares at S$0.0021 apiece
Marina Bay Sands Q1 profit surges 51.5% to US$597 million on tourism boom
Swiss watch exports plunge as China and Hong Kong demand dries up
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
Billionaires selling cheap stuff get richer from inflation pain
Amazon to push cashierless shopping tech into more third-party stores, while backing off itself