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Japan/US: DOJ nets latest guilty auto price-fixing please

 |  January 31, 2014

As the US Department of Justice continues its pursuit against price-fixing of car parts, reports say authorities have netted their latest guilty plea from the former president and former vice president of Japan-based Diamond Electric Manufacturing Co.

The former executives pleaded guilty to fixing ignition coil costs, the DOJ announced Friday, leading to prison sentences – 16 months for former president Shigehiko Ikenaga, and 13 months for former vice president Tatsuo Ikenaga.

The company pleaded guilty as a whole to price-fixing six months prior. The company was fined $19 million for the collusion.

Diamond ups the total number of companies that have pleaded guilty to auto parts price-fixing to 24, reports say, and 28 executives have been charged in the DOJ’s case.

Full Content: Reuters

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