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Japan: Auto parts firm Jtekt slammed with new fines

By  |  October 18, 2013

After being slapped with fines amounting to more than $103 million in the US and another $4.9 million in Canada, Japan-based auto parts company Jtekt Corp has been issued more fines in Australia.

The company has agreed to pay about $1.9 million in fines to settle charges of price-fixing, the latest in a multinational investigation into the company.

US regulators fined $103.3 million to Jtekt after the company plead guilty to fixing car parts prices when selling parts to Toyota Motor Corp and Nissan Notor Corp.

Similar fines were lodged against the firm within Canada.

Since the beginning of the probes, the company has launched an internal investigation into the matter and reportedly found evidence that its subsidiary Koyo Australia may have fixed bearing prices sold in Australia.

Full content: Reuters

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