The Fair Trade Commission raided four major beer makers on Wednesday on suspicion of coordinating sales to wholesalers. All four said they will cooperate.
Japan's Fair Trade Commission raided Kirin Holdings, Asahi Group Holdings, Sapporo Holdings and Suntory Holdings on Wednesday on suspicion of cartelisation in sales of beer and other products to wholesalers, the companies told Reuters.
All four confirmed the raids and said they intend to cooperate. Public broadcaster NHK said the companies are suspected of coordinating prices over several years and that the commission could file a criminal complaint. Reuters attributed the price-coordination claim and the possible complaint to NHK, not to a commission charging document.
Shares fell after the news. By the end of the morning session Kirin was down 2.31 percent, at its lowest in more than three months. Sapporo lost 1.97 percent and Asahi fell 1.54 percent.
The investigation is at the raid stage. No fine, cease-and-desist order or criminal charge was announced in the Reuters report.
The next factual marker is any statement from the Fair Trade Commission on the scope of the inquiry.
People Sentiments Negative
- Kirin, Asahi, Sapporo and Suntory each said they will cooperate with the investigation.