China fines Haier Group $1.9 million for monopolistic behavior

SHANGHAI (Reuters) – A Chinese pricing regulator has fined three subsidiaries of appliance maker Haier Group 12.3 million yuan ($1.9 million) for monopolistic behaviour, the government said on Friday.

Shanghai’s local pricing regulator, under the direction of the National Development and Reform Commission (NDRC), fined the three subsidiaries for including price fixing measures in sales policies and agreements with vendors, according to a statement on the NDRC website.

A Haier refrigerator is seen on sale at an appliance store in Westminster, Colorado January 15, 2016. REUTERS/Rick Wilking

A Haier refrigerator is seen on sale at an appliance store in Westminster, Colorado January 15, 2016. REUTERS/Rick Wilking

The companies are subsidiaries of Qingdao Haier Co Ltd and Haier Electronics Group Co Ltd.

The fine is equivalent to 3% of annual sales at the companies, the statement said.

Haier Group officials were not immediately available to comment.

The group completed in June the acquisition of General Electric Co’s appliance business, a deal that was announced in January as a $5.4 billion deal.

(Reporting by Jake Spring; Editing by Muralikumar Anantharaman)



Categories: Asia Unhedged, China

Tags: , ,