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South Korea: Japanese auto parts makers fined over price fixing

By  |  August 4, 2019

Japan’s four-largest automobile parts makers were fined a combined total of 92 billion won (US$76 million) by South Korea’s antitrust watchdog for fixing the prices of auto parts, officials said Sunday.

According to the South Korean Fair Trade Commission (KFTC), four Japanese car parts firms had fixed prices in collusion when selling alternators and ignition coils to local automakers for 10 years.

The four companies included Mitsubishi Electric and Hitachi Automotive Systems, which were fined 80 billion won (US$66.4 million) and 4.1 billion won (US$3.4 million), respectively, and referred to prosecutors. Denso Corporation and Diamond Electric were fined 4.2 billion won (US$3.5 million) and 2.6 billion won (US$2.2 million), respectively, but not referred on.

The KFTC claimed three firms—Mitsubishi, Hitachi, and Denso—had agreed to allocate their automaker clients before selling alternators. This practice lasted from 2004 to 2014.

Full Content: Korea Herald

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