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Toyota's China financing unit fined for commercial bribery

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

Sep. 21 , 2010