Decision by FECC, Mexico due to the Violation of Mexican Antitrust Law
June 12, 2017
The Federal Economic Competition Commission (FECC) of Mexico announced in Mexico on June 9, 2017 (Mexico time) that several companies including MOL have breached Mexican antitrust law with respect to car carrier services and were imposed fines.
MOL and other shipping companies have been investigated for by the FECC due to the suspicion of antitrust law violation. MOL has fully cooperated with the FECC during the investigation.
Although the FECC announced that they admitted the violation of Mexican antitrust law and imposed a fine totally in the amount of MXN 581.660 million (about JPY 3.46 billion), MOL (including the subsidiary) was exempted from all penalty including fine except the amount of MXN 112.26 (about JPY 668.-) as nominal penalty in accordance with the Mexican regulation because MOL had already ceased the questioned conduct before the official investigation by the FECC and the FECC granted MOL's application under the FECC's leniency program.
MOL offers its sincere apologies to its valued customers and to society for the concerns.
It is MOL's principle to do its business in full compliance with the laws and MOL has been in compliance with corporate ethics and social norms. We are taking the FECC's announcement very seriously. We are making our best efforts to prevent any recurrence of such issues, to further enhance MOL's compliance structure, and go regain public confidence.