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

By  |  April 5, 2013

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.

 

Full Content: Market Watch

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