Toyota's China Finance Unit Fined For Bribery

Reports in local media say that Toyota Motor Finance (China) Company, a subsidiary of Toyota Financial Service, has fined by the local administration for industry and commerce in Hangzhou, the capital of Zhejiang Province, for its involvement in commercial bribery.

Officials from the administration said that, in the period from August 2008 and April 2010, the company had offered rebates to encourage three dealers in Zhejiang to get customers to take out loans with Toyota, rather than from local banks.

Officials also said that Toyota Motor Finance (China) offered 4.5% of the interest earned as rebates to the three dealers.

The administration has imposed a fine of CNY140,000 on the finance company.

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