China has issued record fines of 670 million yuan (108 million U.S. dollars) to six baby formula companies following an anti-trust probe, the country's top economic planner announced Wednesday.
The six companies are Biostime, Mead Johnson, Dumex, Abbott, Friesland and Fonterra, said the National Development and Reform Commission (NDRC).
Biostime was fined 163 million yuan, or 6 percent of its sales revenue in 2012, which considered to be the highest fine among the six companies.
Mead Johnson was fined 204 million yuan, or 4 percent of its revenue last year, because it did not actively cooperate with the investigation but did take active self-rectification measures, according to Xu.
Dumex, Abbott, Friesland and Fonterra each received a fine equal to 3 percent of their 2012 revenue. They were fined 172 million yuan, 77 million yuan, 48 million yuan and 4 million yuan, respectively.
Xu said these four companies cooperated in the probe and actively moved to correct their improper practices.
Xu said that in the probe into these companies initiated in March, the NDRC found the involved formula producers set minimum resale prices for distributors. The distributors who sold their products at a price lower than the fixed minimum price were punished.
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