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Ten used-car dealers in Shizuishan fined by Chinese market regulator for price fixing, allocating profits

( October 22, 2020, 07:51 GMT | Official Statement) -- MLex Summary: Ten used-car dealers in the city of Shizuishan have received fines totaling 15,444 yuan ($2,317) each from the Ningxia provincial-level Administration for Market Regulation for reaching and implementing a monopolistic agreement. The regulator also confiscated 1,173,530 yuan in illicit gains from the ten companies. According to the penalty decisions published today, the regulator found that a total of 11 used-car dealers were involved in the agreement to fix the prices for used-car transactions and evaluation services, and to split profits equally among them. Pingluo Zhongli Used Car Trading was exempt from a penalty, because it provided crucial evidence to the regulator. The regulator started an investigation of the case in August last year. The penalty decisions were dated Oct. 14, 2020.The statement follows and the penalty decisions were attached....

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