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Payment of the Fine Imposed by the European Commission in its Automotive Glass

Post Time:Feb 06,2009Classify:Company NewsView:287

Asahi Glass Co., Ltd. and its European subsidiary AGC Automotive Europe SA confirm that they will carry the decision of the European Commission concerning the automotive glass sector in Europe, and pay the imposed fine in the amount of 113.5 million euros (approximately 13.0 billion yen).

The European Commission conducted on-site inspections at the premises of AGC Automotive Europe on February 22 and 23, 2005. On April 18, 2007 a Statement of Objections to AGC Automotive Europe and Asahi Glass was issued with regard to past activities of AGC Automotive Europe and the decision was adopted on November 12, 2008.

AGC Automotive Europe and Asahi Glass have cooperated with the Commission during all the phase of the investigation up to the decision. In order to secure a policy of strict compliance with competition rules, a new management team has been entrusted, educational training for antitrust laws have been reinforced, and certain senior executives of Asahi Glass voluntarily returned some of their Directors’ fees to show to each employee of the company how much seriously the management of the company is considering the need to thoroughly implement compliance with laws, and the importance of sharing such values for the benefit of all members of the Group and its stakeholders.

After careful consideration, Asahi Glass has decided not to lodge an appeal against the decision before the Court of First Instance of the European Communities. To cover the risk of a fine, a reserve of 135 million Euro had been recorded for the fiscal year 2007.

AGC Group will continue to work to thoroughly implement compliance with laws and competition laws.

Source: Asahi Glass Co., Ltd. Author: shangyi

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