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

 
 
 

51 weeks 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

 
 

blog comments powered by Disqus

Latest stories

58 killed in US-led airstrikes in Syria (Intro Roundup)
Washington/Beirut/Damascus, Sep 23 (IANS) At least 58 people were killed Tuesday, including 50 jihadis, as the US-led alliance launched airstrikes on Islamic extremists in Syria as US President Barack Obama called for further coalition efforts to strike Islamic State (IS) militants.
 
 
UN Climate Summit opens with call for action
United Nations, Sep 23 (IANS) The UN Climate Summit opened here Tuesday with an appeal from UN Secretary General Ban Ki-moon for global action to address climate change.
 
 
Woolly mammoth skeleton to be auctioned in Britain
London, Sep 23 (IANS) A woolly mammoth skeleton, having remained a part of a private collection for years in Europe, is all set to be auctioned in Britain.
 
 
Three jihadi suspects arrested at Paris airport
Paris, Sep 23 (IANS) French police Tuesday arrested three men at Paris' Orly airport, suspected of joining Syrian insurgents in 2013, media reported.
 
 
 

Latest from the Network

Asian Games: Gymnast Dipa finishes 10th, Ashish 12th
Incheon, Sep 23 (IANS) India's Dipa Karmakar finished 10th while her compatriot Ashish Kumar was 12th in the individual all-round final of artistic gymnastics in the Asian Games here Tuesday. Dipa, who won a bronze...
Read more on Sport Balla
 
London turns world's most expensive city
London, Sep 23 (IANS) London has overtaken Hong Kong as the world's most expensive city to live and work in, as a new study has suggested it has turned nearly twice as pricey as Sydney and four times more expensive...
Read more on Celebrity Balla
 
UN Climate Summit opens with call for action
United Nations, Sep 23 (IANS) The UN Climate Summit opened here Tuesday with an appeal from UN Secretary General Ban Ki-moon for global action to address climate change. "Climate change threatens hard-won peace,...
Read more on Politics Balla
 
Asian Games medals tally
Incheon, Sep 23 (IANS) China leads the 17th Asian Games medals tally with a total of 82 medals, including 40 golds, at the conclusion of Tuesday's competitions. Hosts South Korea are second with a total of 59 medals...
Read more on Sport Balla
 
Sadie Frost's 'incredibly stressful' divorce
Sadie Frost's divorce from Jude Law was ''incredibly stressful and destructive''. The 49-year-old star, who split from the Hollywood actor after six years of marriage in 2003, likens divorce to a ''mini-personal war''...
Read more on Celebrity Balla
 
Kelis doesn't like milkshakes
Kelis hates milkshakes. The 35-year-old singer, who had a hit with her 2003 song 'Milkshake' - which she previously revealed is a metaphor for ''something that makes women special'' - has admitted she isn't actually a...
Read more on Celebrity Balla
 
Shia LaBeouf announces art installation
Shia LaBeouf is to take part in a performance art installation later this week. The 'Transformers' actor will participate in '#Metamarathon' at modern and contemporary art museum Stedelijik in Amsterdam, he revealed on...
Read more on Celebrity Balla
 
Bruce Jenner buys race car
Bruce Jenner has splashed out $50,000 on a race car. The 'Keeping Up with the Kardashians' star - whose estranged wife Kris Jenner filed for divorce yesterday (09.22.14) - is a keen racing fan and made an ''impulse...
Read more on Celebrity Balla
 
Leonardo DiCaprio joins Instagram
Leonardo DiCaprio has joined Instagram. The 'Wolf of Wall Street' actor joined the social networking site earlier today (23.09.14) and set about filling his timeline with pictures from the United Nations General...
Read more on Celebrity Balla
 
Woolly mammoth skeleton to be auctioned in Britain
London, Sep 23 (IANS) A woolly mammoth skeleton, having remained a part of a private collection for years in Europe, is all set to be auctioned in Britain. The specimen, which is particularly unusual because it is...
Read more on Politics Balla