Toyota Motor Finance (China), the Chinese auto financing unit of automaker Toyota (TM.NYSE, TYT.LSE, 7203.TYO), has been fined for commercial bribery, Bloomberg reported, citing state media. The company did not comment on reports the financing unit charged 10% to 13% annual interest on loans, higher than the interest rate of less than 7% charged by major commercial banks, to encourage dealers to have their customers take out auto loans from Toyota. The unit then sent interest earnings to dealers between August 2008 and April 2010. The Hangzhou Industry and Commerce Administration fined Toyota Motor Finance (China) RMB140,000 (US$20,853) plus the value of its illegal earnings, state media reported.
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