Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Toyota’s China Financing Unit Fined for Bribery, Xinhua Reports

Toyota Motor Corp.’s Chinese auto financing unit was fined for commercial bribery for giving rebates to dealers who steered loan business its way, Xinhua News Agency said, citing a local government agency.

Toyota Motor Finance (China) Co. was charging annual interest of 10 percent to 13 percent on loans, compared with 7 percent at China’s major state-owned banks, and rebating some of the interest earnings to the dealers between August 2008 and April 2010, Xinhua said.

The industry and commerce administration in Hangzhou, in China’s eastern province of Zhejiang, fined the auto-finance company 140,000 yuan plus all illegal earnings, Xinhua said.

Both Mike Michels, a U.S. spokesman for Toyota, and Justin Leach, a spokesman for Toyota’s North American finance unit, said they were unaware of the development and weren’t immediately able to comment.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.