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

Japan's trade watchdog on Thursday ordered three major electricity companies to pay a total of 101 billion yen ($763 million) in fines for allegedly forming a cartel over electricity sales targeting businesses. The amount of the penalty is the highest ever imposed by the Japan Fair trade Commission for a violation of the country's antimonopoly law. Chugoku Electric Power Co. was slapped with about 70.7 billion yen in surcharges, Chubu Electric Power Co. and its subsidiary with about 27.56 billion yen, and Kyushu Electric Power Co. with about 2.76 billion yen, the Japan Fair trade Commission sa...