Haier Affiliates Are Slapped With USD1.86 Million Fine for Price Fixing
Yicai Global
/SOURCE : Yicai
Haier Affiliates Are Slapped With USD1.86 Million Fine for Price Fixing

(Yicai Global) Aug. 15 -- Affiliate companies of China household appliance giant Haier Group have been fined CNY12.35 million (USD1.86 million) by the Shanghai Municipal Price Bureau for price fixing.

The Shanghai branches of Chongqing New Goodaymart Appliance Sales Co., Chongqing Haier Electric Appliance Sales Co. and Chongqing Haier Electric Appliance Sales Co. are accused of monopolizing the market by signing contracts with dealers dictating sales terms and the price range of products.

The three companies were ordered by the price regulator to stop imposing price restrictions immediately and were fined CNY12.35 million, equivalent to 3 percent of the value of their 2015 sales.

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