Bridgestone Chooses not to Appeal Cartel Fine

On January 28, Bridgestone Corporation (BSJ) and its UK subsidiary, Bridgestone Industrial Ltd. received notice from the European Commission regarding a 58.5 million euro fine for the company’s alleged participation in an international marine hose cartel. BSJ reported on April 16 that, after careful consideration, it has decided the most appropriate action for it to take is to bring the course of proceedings to an end and focus upon the “reinforcement of its compliance system and promotion of preventive measures.” Therefore, BSJ confirms it will pay the imposed fine rather than appeal the decision.

BSJ has recorded the commission’s fine as an expense amounting to 7,485 million yen (£50.69 million) in its fiscal year ending December 31, 2008. Regarding the cartel allegations, the Bridgestone Group states that it “takes this issue with the utmost seriousness and will continue its cooperation to the relevant authorities.”