US: executives of Japanese suppliers indicted in price-fixing probe image

According to the US Department of Justice a federal grand jury in Detroit moved to indict seven executives at two Japanese auto parts makers because they were found guilty of price-fixing.

The Department of Justice statement says the indictments relate to a conspiracy to engage into monopolistic practices that took place from as early as January 2000 to about February 2010.

“Among other things, the executives and their subordinates, according to the indictment, participated in meetings with co-conspirators and reached collusive agreements to rig bids, allocate the supply and fix the prices of certain automotive parts sold to automobile manufacturers,” said the DOJ statement.

The indictments were made for three officials at Hitachi Automotive Systems and four executives at Mitsubishi Electric Corp – all seven charged with conspiracy to rig prices of parts sold to five automakers (Hitachi) and six carmakers in the latter case.

The same investigation already saw indictments of 43 people (the seven included), of which 26 already pleaded guilty and received prison sentences of between a year and two years. Also, 28 companies have been found guilty so far, agreeing to pay more than $2.4 billion in fines.

Via Reuters