Taiwan Cement and Oyak fined for JV notification failure

China's State Administration for Market Regulation (SAMR) has fined Taiwan Cement and Ordu Yardimlasma Kurumo (Oyak) for failure to notify the establishment of their joint venture, Dutch Oyak TCC Holdings BV, in 2018.

SAMR considered the transaction to be notifiable in China, as Taiwan Cement and Oyak both had control over the joint venture and it met the turnover threshold, reports Lexology. Oyak transferred its existing Turkish cement business and assets to the joint venture in exchange for a 60 per cent stake, and Taiwan Cement contributed cash in exchange for a 40 per cent share in the joint venture.

The fine imposed by SAMR on Taiwan Cement and Oyak was CNY300,000 (US$43,000).