Kansai Electric discloses executive's resignation, pay cuts over cartel
( April 12, 2023, 08:11 GMT | Official Statement) -- MLex Summary: Japan’s Kansai Electric Power said today that Takashi Morimoto, who was implicated in a cartel with rival power companies as a vice president at the time, has stepped down from a special-advisor’s position, and he and other company leaders at the time of the collusion would face a pay cut of 30-50 percent for three to six months. The current president and vice president will also receive a 50 percent pay cut for three or two months, respectively. Kansai Electric also disclosed a report it submitted to the industry ministry’s utilities commission. According to the report, Kansai didn’t have specific rules to restrict contacts with rival company’s executives even after the power-retail market's liberalization, and that it would introduce internal leniency and other measures to prevent a recurrence of antitrust violations. Kansai avoided an antitrust fine by self-reporting its wrongdoing first to the competition enforcer, while thee other cartelists received a record-breaking combined fine from the Japan Fair Trade Commission. The statements, in Japanese, are attached....
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