Tosoh will pay EU fines, but says, "We're not guilty"

ERJ staff report (DS)

Tokyo -- A spokesman for Tosoh Corp has confirmed that the company will pay the Euro 4.8 million fine imposed upon it by the EU for allegedly participating in a polychloroprene price-fixing cartel. Tosoh had earlier said it would fight the fine, insisting it did not participate in the alleged cartel and has done nothing illegal.

Tosoh still denies participating in the cartel, but says it has taken legal advice and has decided that paying the fine will damage its business less than a costly, time-consuming court dispute with the EC.

Press reports from Japan indicate that Denki Kagaku Kogyo, which was fined 47 million euros for similar allegations and also denies the allegations, plans to file a suit against the European Commission's decision.

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News story from Jiji Press.