ERJ staff report (DS)
Tokyo, Japan -- Zeon Corp. said it has decided it will not appeal to the Court of First Instance against the decision by the European Commission dated January 23rd 2008. The EC decision was to fine Zeon Corp. and its European subsidiaries Euro 5.36 million for participation in a cartel to fix prices of nitrile rubber. The fine was reduced to Euro 1.34 million after leniancy clauses were brought into effect for Zeon's cooperation.
Zeon said, "Zeon's board carefully reviewed the decision and made the resolution in all aspects including the costs of long and burdensome litigation for a reduction of the fine."
The company said, "Zeon takes compliance with the laws and regulations including corporate ethics as one of the most important corporate objectives in running the business. Zeon will commit to further strengthen its internal compliance system and will take every action to prevent a recurrence of such an incident."
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Press release from Zeon
OriginalÂ Press releaseÂ from EC, accouncing fines