TOKYO (Reuters) -Japan’s antitrust watchdog said on Thursday that it has ordered three utilities to pay a fine totalling more than 100 billion yen ($754.66 million) for violating anti-monopoly laws and forming a cartel.
Among the three, Chugoku Electric Power Co was hitwith the biggest fine of 70.7 billion yen.
Chugoku Electric separately announced that president Natsuhiko Takimoto and chairman Mareshige Shimizu would retire in June.
The Japan Fair Trade Commission also ordered Chubu Electric Power Co to pay a 27.6 billion yen fine, while Kyushu Electric Power Co was ordered to pay 2.7 billion yen.
Chubu Electric said it would file a lawsuit to rescind the FTC’s order.
Regulators had investigated the companies foranti-competitive behaviour and concluded that they had formed acartel.
($1 = 132.5100 yen)
(Reporting by Mariko Katsumura and Rocky Swift; Editing by Christian Schmollinger and Bernadette Baum)
