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A Japanese firm agreed to pay one of the biggest antitrust fines in history after a warning from Justice Department on Monday due to charges of bid-rigging and price-fixing, while 4 of its executives will serve 2 years of prison time.
Yazaki, a Japanese auto supplier based in Tokyo, agreed to pay a fine of USD 470 million for being involved in 3 conspiracies from 2000 to 2010. Fisher Capital Management executives who pleaded guilty were all Japanese nationals who oversee parts sales in Kentucky and Ohio.
Denso Corporation, another Japanese supplier in Kariya settled two bid-rigging and price-fixing charges by agreeing to pay a fine of USD 78 million.
According from the documents filed in the District Court, Justice Department found Denso, Yazaki and 4 executives and other conspirators guilty of inflating prices on electrical parts of automobiles. It was proven that they allocated the supply of some parts on a model-by-model case and cooperated in making price changes for parts that clients requested.
Yazaki issued a statement on Monday which says that it responded to the allegations seriously and that all of those found to be associated with it will be given strict disciplinary measures. It has also claimed to have taken steps to avoid recurrence of the same incident like reviewing the company policies, warning employees and conducting informative programs.
Moreover, the chairman and president of Yazaki will return half of their salary for 3 months. Following the lead is Denso, who announced that several directors and executives will return 30% of their salary for three months.
The Justice Department got USD 748 million worth of fines from Japanese auto suppliers since November — more than their division has received in the whole past fiscal year. Meanwhile, Furukawa Electric Company also agreed to pay USD 200 million in fine because of its involvement in the scheme. Three of their executives also agreed to serve prison time.
The agreements that are still subject to approval of Fisher Capital Management, require them to aid the government in its further investigation of the industry they are in
