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Companies

Japan antimonopoly watchdog to slap utilities with record fines

Alleged cartel aimed to stymie competition for industrial clients

The three companies allegedly agreed in autumn 2018 not to enter each other's market. The agreement was maintained until around summer 2020.   © Reuters

TOKYO -- The Japan Fair Trade Commission is set to impose fines totaling hundreds millions of dollars on three major utilities in Japan, in what will be the biggest penalty ever meted out in the nation's corporate history, sources told Nikkei.

The three utilities are Chugoku Electric Power, Kyushu Electric Power and Chubu Electric Power.

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