US: Price-fixing charges hit 7 Japanese auto execs

The US is continuing its record-setting price-fixing crackdown on the world’s auto parts industry with its latest charges.

A grand jury has charged seven Japanese executives from car parts manufacturers for their alleged participation in a price-fixing cartel.

Three of the individuals, say reports, are from Mitsubishi Electric Corp and were accused by a federal grand jury of conspiring to manipulate car parts prices from at least 2000 until 2010.

The other four executives were from Hitachi Automotive Systems, reports say, and are facing similar charges.

Each executive faces up to a decade in prison and fines reaching $1 million.

Both Mitsubishi Electric and Hitachi Automotive have already pleaded guilty to price-fixing last year. The companies were fined a combined $385 million, according to reports.

The case is the largest such investigation by the Department of Justice and has so far lead to fines for 28 companies totaling more than $2.4 billion.

Full content: Auto Economic Times

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