BEIJING: An affiliate of German carmaker Volkswagen has been fined more than $40.5m for price-fixing in China, authorities said yesterday, the latest company to be punished under a sweeping anti-monopoly crackdown.
FAW-Volkswagen Sales Company Ltd, a partnership between the Frankfurt-based firm and Chinese auto maker FAW, has been ordered to pay 248.58m yuan in penalties for the offence, the Hubei Province Price Bureau said in a statement.
Beijing has over the past year launched a wide-ranging crackdown on alleged malpractice by domestic and foreign firms across diverse sectors, including pharmaceuticals, baby formula and technology.
AFP
