Chinese liquor giants fined for price fixing
- Chinese top two liquor makers Kweichew Moutai and Wu Liangye were fined earnings of 449 million yuan (71.41 million U.S dollars) for price fixing, as per local price regulators.
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The Guizhou-based Moutai and Sichuan-based Wu Liangye were ordered to pay the bills 247 and 202 million yuan in fines, respectively, determined by statements from local price regulators on Friday.
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It marked the harshest fines due to the fact implementation of China's antimonopoly laws in 2008.
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The statements mentioned that the businesses had restricted the particular prices on its liquor products for resale at their distributors, with whom one of the made vertical monopoly agreements.
The punishments reveal that these government makes no exception in a company when handling antitrust cases, like the two fined businesses are both state-owned, said Wang Xiaoye, a professor at Graduate School of Chinese Academy of Social Sciences.
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Even though the fines were relatively light, Wang said, citing that they can only landed 1 % inside the total revenue kinds of companies recorded 2010. The figure can reach as much as 10 percent consistent with Chinese antimonopoly laws.
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The punishment included in the plight of the two liquor giants, as a good recent government frugality campaign is predicted to own a sizeable impact sales from the products, which mainly target high-end consumers.
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The penalties follow similar fines to Samsung, LG and four Taiwanese LED makers in January.
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