Fujikura Ltd. will pay a $20 million criminal fine
April 24, 2012
by The Canadian Press
DETROIT: A Tokyo-based auto supplier has agreed to pay a $20 million criminal fine and co-operate with the US government’s ongoing investigation into price fixing in the industry.
According to a one-count felony charge filed in federal court in Detroit, Fujikura Ltd. was involved in a conspiracy to rig bids and fix prices for auto parts from January 2006 to at least February 2010.
Fujikura sold automotive wire harnesses, which control the car’s electric components. The parts were sold to automakers in the US and elsewhere.
Fujikura is the fifth Japanese company charged as part of the Justice Department’s investigation. G.S. Electech Inc., Yazaki Corp., Furukawa Electric Co. and Denso Corp. have all pleaded guilty to similar charges and have been ordered to pay about $750 million in fines combined.
©The Canadian Press