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Toyota unit on bribery charge
By Joyce Pan |
September 22, 2010, Wednesday
|
Print Edition
Print Edition
AUTHORITIES in Hangzhou, Zhejiang Province, have sent a hearing notice to Toyota Motor Corp's Chinese auto financing unit to answer a charge of alleged commercial bribery.
Toyota Motor Finance (China) Co was accused of giving rebates to three dealers who would steer loans to its financing unit from local banks between August 2008 and April 2010.
Toyota charged annual interest of 10 percent to 13 percent on the loans, compared with 7 percent at China's major state-owned banks, and refunded 4.5 percent of the interest earnings to the dealers.
The unit earned a total of 757,609 yuan (US$112,975) from the interest and 70,640 yuan was given to dealers as rebates disguised as commission or service fee.
The auto financing unit said it has received the notice last Friday and that it would assist the authorities in investigating the alleged accusation.
If found guilty the unit would be fined 140,000 yuan while 426,352 yuan in alleged "illegal earnings" from 49 car sales will be confiscated, according to a report by Xinhua news agency.
The authorities are likely to make a decision on the matter next week after the Mid-Autumn Festival holiday which starts today and ends on Friday if the company does not submit an application for another hearing.
The authorities in Ningbo are also investigating several local dealers for alleged commercial bribery.
Toyota Motor Finance (China) Co was accused of giving rebates to three dealers who would steer loans to its financing unit from local banks between August 2008 and April 2010.
Toyota charged annual interest of 10 percent to 13 percent on the loans, compared with 7 percent at China's major state-owned banks, and refunded 4.5 percent of the interest earnings to the dealers.
The unit earned a total of 757,609 yuan (US$112,975) from the interest and 70,640 yuan was given to dealers as rebates disguised as commission or service fee.
The auto financing unit said it has received the notice last Friday and that it would assist the authorities in investigating the alleged accusation.
If found guilty the unit would be fined 140,000 yuan while 426,352 yuan in alleged "illegal earnings" from 49 car sales will be confiscated, according to a report by Xinhua news agency.
The authorities are likely to make a decision on the matter next week after the Mid-Autumn Festival holiday which starts today and ends on Friday if the company does not submit an application for another hearing.
The authorities in Ningbo are also investigating several local dealers for alleged commercial bribery.
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