3 Japan utilities face record-high 101 bil. yen in antitrust fines

Japan's antitrust watchdog on Thursday ordered three major utilities to pay a total of 101 billion yen ($763 million) in fines for forming cartels over electricity sales, in a move that goes against the nation's efforts to free up the electric power market.The amount of the penalty, to be collected from electricity companies based in central, western and southwestern regions, is the highest ever imposed by the Japan Fair Trade Commission for a violation of the antimonopoly law.Chugoku Electric Power Co. was slapped with about 70.7 billion yen in surcharges, Chubu Electric Power Co. and its …READ FULL ARTICLE