“K” Line to pay a fine of USD $67.7 million for US antitrust laws violation
Kawasaki Kisen Kaisha, Ltd. has entered into a plea agreement with the United States Department of Justice (“DOJ”), agreeing to pay a fine of USD $67.7 million to resolve allegations that “K” Line violated US antitrust laws in connection with the sale of ocean shipping services for roll-on, roll-off cargo. “K” Line has cooperated fully with the DOJ’s investigation and will continue to do so, the company said in its press release.
“K” Line takes this matter seriously and has taken steps to further strengthen its compliance and training programs to ensure compliance with all applicable laws and regulations.
“K” Line will record 7,023 million yen as an extraordinary loss in the second quarter of the consolidated cumulative term of the fiscal year ending March 2015. The extraordinary gain and loss in such fiscal year will most likely remain in a similar range to the figure which “K” Line assessed and disclosed in a previous statement, even taking the extraordinary loss, and costs for rationalization into consideration. Such assessment is in part based on the fact that “K” Line recorded an extraordinary gain disclosed on July 31st 2014 due to the sale of some of our shares of a US-based subsidiary that operates a container terminal. “K” Line is currently making calculations to determine a detailed figure in respect of the full-year financial forecast. “K” Line will promptly disclose such figure when it becomes final.