The firms also engaged in confidential sales, distribution, and pricing information for capacitors.
The Competition Commission of Singapore (CCS) fined five capacitor manufacturers $19.55m for price-fixing and exchanging confidential sales, distribution, and pricing information of Aluminium Electrolytic Capacitors (AEC).
According to a press release, the five firms are ELNA Electronics (S) Pte. Ltd. (ELNA), Nichicon (Singapore) Pte. Ltd. (Nichicon), Panasonic Industrial Devices Singapore, and Panasonic Industrial Devices Malaysia Sdn. Bhd. (Panasonic), Rubycon Singapore Pte. Ltd. (Rubycon), and Singapore Chemi-con Pte. Ltd. (SCC).
CCS revealed that the companies met often to exchange commercially sensitive information like customer quotations, sales volumes, and business plans. They also discussed and agreed on sales prices and collective rejection of customers' requests for a price reduction.
The activity started in 1997, and senior level employees attended the meetings regularly, almost monthly, until 2013.
"The fact that the Parties held more than two-thirds of the share of the market for the sale of AECs in Singapore, the long duration of the cartel conduct further contributed to CCS imposing the highest financial penalty to date," CCS said.
Panasonic received total immunity from financial penalties.
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