A PYMNTS Company

Canada: International auto parts conspiracy earns largest bid-rigging fine to date

By  |  April 5, 2013
Canada: International auto parts conspiracy earns largest bid-rigging fine to date

In the latest development since Canada’s Competition Bureau first began investigating the market, the authority has announced a $5 million fine issued to Furukawa Electric Co., Ltd. for taking part in what it has found to be an international bid-rigging scheme. Furukawa, based in Japan, supplies motor vehicle parts and was found by the Bureau to have colluded with rivals to predetermine bids and tenders in response to quote requests. The auto parts were to be supplied to Honda of Canada Manufacturing Inc. The fine marks the largest ever issued by the Bureau for a bid-rigging offense. In an official statement, Interim Commissioner John Pecman noted that the fight against cartels, including bid-rigging cartels, remains “top priority” for the authority.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

     

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    Full Content: Market Watch

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.