Canada Fines Denso for Rigging Bid Prices

Denso Corp. agreed to plea guilty and has been fined $245 million (US$224 million) by the Ontario Superior Court of Justice for violating Canada's competition laws.

The country's Competition Bureau says Denso conspired with other Japanese parts suppliers to rig bids and fix prices for electronic control units used by Toyota Motor Corp. in vehicle door locks, power windows and outside mirror adjustors. Denso is 20% owned by Toyota.

Denso was fined for similar price-fixing behavior involving other components earlier this week in China, last December in South Korea and in 2012 in the U.S. Several Denso executives have been imprisoned in the U.S. after pleading guilty of felony charges of conspiracy to fix prices.