Asahi Glass Co. said 15 January 2008 that executives at the firm will voluntarily return their pay to atone for the fines imposed on the company by the European Commission for fixing flat glass prices…
Asahi Glass Co. said 15 January 2008 that executives at the firm will voluntarily return their pay to atone for the fines imposed on the company by the European Commission for fixing flat glass prices. Chairman of the board Shinya Ishizu, president Masahiro Kadomatsu, vice president Takashi Matsuzawa and other executives involved will give back 10 to 30% of their remuneration for three months from January 2008, the company said. In November 2007, the European Commission ordered Asahi Glass and AGC Flat Glass Europe, its European subsidiary based in Brussels, to pay EUR 65 million in fines for allegedly fixing flat glass prices. Another Asahi Glass European affiliate is also being investigated on suspicion of forming a price cartel in the automobile glass sector, according to Asahi Glass. “Asahi“s management deeply regrets its subsidiaries“ possible involvement in any conduct which may be considered by the competent authorities in violation of the law and, in particular, of antitrust laws”, Asahi Glass said in a statement. Asahi Glass has been cooperating with European authorities in antitrust investigations and is prepared to pay a total of JPY 32.5 billion in fines for the flat glass and automobile glass price cartels, company officials said.