Kintetsu World Express, Japan’s second-largest international forwarder, said on Wednesday it will pay a $10.5 million fine to settle a U.S. antitrust case.
The Tokyo-based company said it has been under the antitrust investigation by the U.S. Department of Justice since January 2008 and has been fully cooperating with the probe. Kintetsu was among 12 forwarders fined in 2009 by the Japan Fair Trade Commission for allegedly taking part in a cartel to raise air cargo charges.
“After taking into account various factors, including applicable legislation and facts, in a comprehensive manner, we have decided to agree to a plea bargain with the U.S. Department of Justice,” KWE said in a statement.
KWE said it already booked the U.S. antitrust probe-related loss reserve $13.25 million in fiscal 2010, ended March 31, 2011. The plea bargain with the U.S. Department of Justice will have no effect on KWE’s profit forecasts for fiscal 2011, the company said.
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