China has imposed fines totalling $109 million on six international milk powder companies accused of price-fixing.Officials say the firms used a variety of methods to restrict competition. They are: Mead Johnson, Biostime, Dumex, Abbot, Friesland and Fonterra. The move follows an antitrust and anti-competition probe by authorities and the BBC reports the fines are not connected with the melamine milk scandal.
The fines, announced by China’s top economic planner, the National Development and Reform Commission, coincide with a separate pricing investigation into the pharmaceutical industry.
Five of the companies named in the probe are foreign while Biostime is listed in Hong Kong.
Source: Radio New Zealand
Posted on Thursday, August 08, 2013 (Archive on Thursday, August 15, 2013)
Posted by bholcomb@adpi.org Contributed by bholcomb@adpi.org
http://www.adpi.org/News/News/tabid/74/newsid419/2456/mid/419/China-Fines-Milk-Powder-Firms/Default.asp