TOKYO (Jan. 31, 2008) — Tosoh Corp. said it will pay the $7 million fine imposed upon it after the European Commission ruled the firm had participated in a polychloroprene price-fixing cartel, but Tosoh maintains it did nothing illegal, a company spokesman said.
Tosoh had earlier said it would fight the fine, insisting it did not participate in the alleged cartel.
Tosoh still denies participating in the cartel, but said it has taken legal advice and has decided that paying the fine will damage its business less than a costly, time-consuming court dispute with the EC.
Press reports from Japan indicate that Denki Kagaku Kogyo, which was fined $69 million for similar allegations and also denies the allegations, plans to file a suit against the European Commission´s decision.