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

Published 2016-05-04, 03:04 a/m
© Reuters.  China fines Hitachi, CRRC unit for failing to declare joint venture
BBDb
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6501
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1766
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SHANGHAI, May 4 (Reuters) - China's commerce ministry has
fined Japan's Hitachi Ltd 6501.T and a unit of domestic
trainmaker CRRC Corp 601766.SS 1766.HK 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 BBDb.TO 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)

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