May 4, 2016 / 7:06 AM / 2 years ago

China fines Hitachi, CRRC unit for failing to declare joint venture

SHANGHAI, May 4 (Reuters) - China’s commerce ministry has fined Japan’s Hitachi Ltd and a unit of domestic trainmaker CRRC Corp 150,000 yuan ($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. ($1 = 6.4972 Chinese yuan) (Reporting by Brenda Goh; Editing by Edwina Gibbs)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below