Notice of Cease-and-Desist Order, etc. from the Japan Fair Trade Commission
[March 18, 2009]
Yusen Air & Sea Service Co., Ltd. ("the Company") has received today a cease-and-desist order and a surcharge payment order from the Japan Fair Trade Commission ("JFTC"). Details are as follows.
We regret to inform our shareholders, customers and other stakeholders of this matter.
- Date we received notice of the cease-and-desist order and surcharge payment order March 18, 2009
- Details of the cease-and-desist order
JFTC gave the Company an order to ensure that violations of Article 3 of the Anti-Monopoly Act (prohibition of undue restriction of business activities) in international air cargo transportation that were cited by the Commission have been eliminated and take necessary steps to prevent similar violations from occurring in the future.
- Details of the surcharge payment order
The amount of surcharge that the Company should pay for the violations described in 2. above: 1728.28 million yen Deadline for payment: June 19, 2009
- Future response
The Company deeply regrets having received the orders above and treats this incident with the utmost seriousness. We plan to determine next steps, including whether to request a hearing, after carefully examining the details of the cease-and-desist order, etc.
The Company has been fully cooperating in the investigation since receiving an on-site inspection by JFTC on April 16, 2008. Although we have been developing and enhancing our compliance system and instilling in all employees the importance of compliance and corporate ethics and the Company's social responsibility, we will take this occasion as another opportunity to institute preventive action and restore confidence by fully enforcing compliance, etc.
Yusen Air & Sea Service Co., Ltd.
Corporate Communications & IR Department
E-mail : firstname.lastname@example.org