Japan Raided And In Trouble For Monopolistic Practices

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 news 2016-08-09 at 11:26:45 am Views: 160
  • #46445 Japan Raided And In Trouble For Monopolistic Practices
    Amazon premises were raided by the Japanese authorities

    By Myrna Salomon, Inc. warehouses and offices were raided in Japan by the country’s regulatory authorities upon suspicion of malpractice. According to the sources familiar with the matter, the raid was conducted in order to put an end to monopolistic practices at Amazon, which led to unhealthy competition, and forced retailers to associate themselves with the retailing giant. Japanese top watchdog agency said in a statement that it had received several complaints regarding malpractice and finally decided to take action. However, it remains unclear that whether AMZN was warned of its behavior or not.

    According to the Japanese fair trade commission spokesperson, the raid was only conducted in order to verify the claims related to malpractice. The on-site inspection team did not intend to take possession of the company assets and neither is it supposed or required to do so. The complaints received by fair trade commission involved a large number of sellers who have claimed that Amazon intentionally influenced their product pricing in order to attract customers, thus, leading to an unfair advantage over the competition.

    Amazon Japan management refused to comment when approached. Japanese anti-monopoly law clearly states that any act, which induces or explicitly restricts the other parties involved in a business relationship from exercising their usual rights, is prohibited.

    The conclusion of the said raid is not yet known. Fair Trade commission has not released any official findings as of yet. Amazon stock currently trades at a price of $763.58 and has lost about $2.39 in the current trading session.