MNC's Meet as Asian Antitrust Activity Heats Up
Fines for monopolistic practices in Asia rose to a record high last year as local governments, armed with maturing competition laws, clamped down on corruption and anticompetitive behavior. Over $1.7 billion dollars in fines were issued, an increase of 47% from 2013, and 45% higher than the yearly average for the previous five years.
This increase was mainly driven by China, Japan and South Korea who, of all the countries in the Asia Pacific, have historically been the most virulently vigilant against monopolies. Meanwhile, less experienced watchdogs in Indonesia and Malaysia have increasingly intensified their enforcement activities.
This situation reflects the growing maturity of antitrust bodies in the Asia Pacific region, many of which are still only a few years old. It is worth noting that over half of the penalties were for bid-rigging; we can infer from this that governments are also using competition law to fight bribery and corruption.
Leading legal and compliance experts will be attending Duxes' 2nd Anti-Trust Asia Pacific Summit 2015 to discuss the changing environment in the region and explore the best practices to create a culture of compliance.
This summit is part of Duxes' Antitrust Series which been running since 2007 and has included many successful events. Not only will this be a great opportunity to familiarize oneself with all the important developments in the industry but a valuable chance to network with peers in the industry and make useful business contacts. We at Duxes look forward to seeing you there!
For further information, contact:
Ms. Vivi Ye
Tel: +86 21 5258 8005 Ext. 8106