360° Coverage : US fines Japanese auto-parts firms over price fixing

1 Updates
US fines Japanese auto-parts firms over price fixing
Photo Credit: , Getty Images

US fines Japanese auto-parts firms over price fixing

Sep 27 2013, 4:34pm CDT | by IANS

Washington, Sep 28 (IANS/EFE) Nine Japan-based companies and two executives have agreed to plead guilty for their role in conspiracies to fix price of parts sold to US automakers, while agreeing to pay over $740 million as fine, the US Justice Department has said.

Washington, Sep 28 (IANS/EFE) Nine Japan-based companies and two executives have agreed to plead guilty for their role in conspiracies to fix price of parts sold to US automakers, while agreeing to...

Filed under: news

YouTube Videos

 
 
 

1 year ago

US fines Japanese auto-parts firms over price fixing

Sep 27 2013, 4:34pm CDT | by IANS

Washington, Sep 28 (IANS/EFE) Nine Japan-based companies and two executives have agreed to plead guilty for their role in conspiracies to fix price of parts sold to US automakers, while agreeing to pay over $740 million as fine, the US Justice Department has said.

Washington, Sep 28 (IANS/EFE) Nine Japan-based companies and two executives have agreed to plead guilty for their role in conspiracies to fix price of parts sold to US automakers, while agreeing to pay over $740 million as fine, the US Justice Department has said.

These illegal cartels adversely affected the business of the big three US automakers, Chrysler, Ford and General Motors, as well as the US subsidiaries of Japanese carmakers Honda, Mazda, Mitsubishi, Nissan, Subaru and Toyota, the Justice Department saiud.

"These international price-fixing conspiracies affected more than $5 billion in automobile parts sold to US car manufacturers.

"In total, more than 25 million cars purchased by American consumers were affected by the illegal conduct," Attorney General Eric Holder said in a press conference.

The Japan-based company hardest hit by the fines was Hitachi Automotive Systems, which agreed to pay $195 million, while Mitsubishi Electric was slapped with a $190 million fine and Mitsuba with a $135 million fine.

Jtekt and NSK agreed to pay $103 million and $68 million, respectively, while four other companies were fined between $11 million and $14 million.

One of the two former individuals who pleaded guilty to bid rigging and price fixing in the auto-parts industry was Japanese citizen Tetsuya Kunida, a former executive of a U.S. subsidiary of a Japan-based automotive anti-vibration rubber products supplier.

He agree to serve a year in prison and pay a $20,000 fine as part of a plea agreement.

The other individual, American Gary Walker, a former executive of a U.S. subsidiary of a Japanese auto parts supplier, agreed to serve 14 months in prison and pay a $20,000 fine as part of his plea deal.

The Justice Department said the auto parts companies and executives set prices on a wide range of products, including seatbelts, radiators, windshield wipers, air conditioning systems, power window motors and power steering parts.

IANS

Source: IANS

 

Don't miss ...

 

blog comments powered by Disqus

Latest stories

Husband of slain Brazilian police commissioner confesses to crime
Rio de Janeiro, Oct 24 (IANS/EFE) The widower of the Brazilian police commissioner found dead this week confessed to killing the officer, known as a tough adversary of the paramilitary groups known as "militias" that in some poor Rio de Janeiro neighbourhoods have ousted the drug trafficking gangs, officials said Friday.
 
 
North Korea lashes out at leaflet dropping
Pyongyang, Oct 24 (IANS) North Korea Friday strongly condemned South Korea and the US for conniving in the "catastrophic" anti-North Korean leaflet dropping, calling for a halt to such moves.
 
 
Free Syrian Army to send 1,300 fighters to Kobane: Turkey
Ankara, Oct 24 (IANS/EFE) The Free Syrian Army (FSA), which fights against forces loyal to Syrian President Bashar al-Assad, will send 1,300 of its fighters to the town of Kobane in Syria to help its Kurdish defenders resist a siege by the Islamic State (IS) terrorist group, Turkish President Recep Tayyip Erdogan confirmed Friday.
 
 
Rare feline may be reintroduced to the wild
Lisbon, Oct 24 (IANS) Portugal plans to reintroduce the Iberian lynx, the world's most endangered feline species, into the wild, the country's environment ministry said in a statement Friday.
 
 
 

Latest from the Network

Second MERS case reported in Qatar
Doha, Oct 23 (IANS) A 43-year-old man in Qatar has tested positive for Middle East Respiratory Syndrome (MERS) in the second confirmed case of the deadly virus in 10 days, media reported Thursday. The patient had...
Read more on Business Balla
 
Two people die in Pakistan bomb blast
Islamabad, Oct 23 (IANS) At least two people were killed and 12 others injured in an explosion that took place in Pakistan's Balochistan province Thursday, media reported. The bomb was planted on a motorcycle, Dawn...
Read more on Politics Balla
 
Trott extends contract with Warwickshire till 2017
London, Oct 23 (IANS) England batsman Jonathan Trott, whose mental issues led to his abrupt departure from last winter's Ashes tour, has confirmed his successful comeback to competitive cricket by signing a new three-...
Read more on Sport Balla
 
Srikanth, Kashyap big movers in BWF rankings
Kuala Lumpur, Oct 23 (IANS) Indian men shuttlers Kidambi Srikanth and Parupalli Kashyap jumped seven places each in the latest Badminton World Federation (BWF) rankings released Thursday while Olympic bronze medallist...
Read more on Sport Balla
 
Alvin Stardust dead
London, Oct 23 (IANS) English singer Alvin Stardust died after a short illness. He was 72. Stardust's manager confirmed the news about his demise Thursday, reports mirror.co.uk. He was recently diagnosed with...
Read more on Celebrity Balla
 
Indian man reunited with family after 40 years
Dubai, Oct 23 (IANS) An Indian man, who had disappeared from his hometown in Kerala nearly 40 years ago, has been found by his family at a hospital in Dubai in the UAE, a newspaper report said. Now in his 60s, Abdulla...
Read more on Politics Balla
 
Srikanth, Kashyap, Saina rise in world rankings
Kala Lumpur, Oct 23 (IANS) Indian men shuttlers Kidambi Srikanth and Parupalli Kashyap jumped seven places each in the latest released Badminton World Federation (BWF) rankings Thursday while Olympic bronze medallist...
Read more on Sport Balla
 
Flintoff signs for Big Bash side Brisbane Heat
Brisbane, Oct 23 (IANS) Former England captain and all-rounder Andrew Flintoff, who retired from international cricket in 2009, Wednesday confirmed that he will play for Brisbane Heat in the Big Bash League (BBL) this...
Read more on Sport Balla
 
OPEC daily basket price falls again
Vienna, Oct 23 (IANS/WAM) The basket of 12 crude oils of the Organization of Petroleum Exporting Countries (OPEC) closed at $81.94 a barrel Wednesday compared to $82.09 Tuesday, the OPEC Secretariat said. The new OPEC...
Read more on Business Balla
 
Lopez to sign multi-million dollar deal?
Los Angeles, Oct 23 (IANS) Singer-actress Jennifer Lopez is reportedly in the final stages of securing a multi-million dollar deal to perform in Las Vegas. The 45-year-old is being offered $350,000 per show at The...
Read more on Celebrity Balla