China fines Hitachi, CRRC unit for failing to declare joint venture
China fines Hitachi, CRRC unit for failing to declare joint venture :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 (15,892.67 pounds) 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 licence 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.
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