IHI (TYO:7013) said its subsidiary, IHI Transport Machinery, was fined by Japan's Fair Trade Commission (JFTC) for violating the Antimonopoly Act over mechanical parking systems, according to a Monday filing on the Tokyo Stock Exchange.
IHI Transport Machinery cooperated with the investigation, securing an exemption from surcharges and a cease-and-desist order. IHI pledged to strengthen compliance with measures recommended by external lawyers, including enhanced training and internal regulation revisions.
Top executives, including Chief Executive Officer Hiroshi Ide, will return portions of their monthly pay in response. Ide will return 30% of his one month, while three other executives will return between 10% and 20%.
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