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European Commission Resolves to Impose Fines
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The European Commission (EC) has announced its decision to fine YAMAHA CORPORATION and *four of its European musical instrument sales subsidiaries. The fines of Euro 2.56 million are for alleged breaches of European competition law (EC Article 81 and EEA Agreement Article 53, which prohibit anti-competitive agreements and practices).
Yamaha is carefully reviewing the Commission's decision that it has only just received. Yamaha recognizes that some of its old agreements, which have since been replaced, may have contained some ambiguous provisions. However, none of the provisions objected to by the Commission was ever enforced and there has been both considerable cross border Yamaha business within Europe and active price competition, without interference by Yamaha.
Yamaha has co-operated fully with the Commission's investigation and is committed to responding the letter and the spirit of EU competition law. To this end, Yamaha has entered into new distribution agreements and taken measures to ensure its continued compliance. |
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Yamaha Music Central Europe GmbH(Germany)
Yamaha Musique France S.A.S.(France)
Yamaha Musica Italia S.p.A.(Italy)
Yamaha Scandinavia AB(Sweden)
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For further information, please contact
Yamaha Corporation
Corporate Communications Group,
Public Relations Division
TEL. +81-3- 5488-6601
FAX +81-3-5488-5060
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