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China Fines 10 Japanese Parts Suppliers for Price Fixing
China says 10 more Japanese auto parts companies are guilty of price fixing and has fined them a combined 1.2 billion yuan ($200 million).
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China says 10 more Japanese auto parts companies are guilty of price fixing and has fined them a combined 1.2 billion yuan ($200 million).
The companies are Aisan Industry, Denso, Furukawa Electric, Hitachi, Jtekt, Mitsubishi Electric, Mitsuba, Nachi-Fujikoshi, Sumitomo Electric and Yazaki.
Bloomberg News reports that Hitachi and Nachi-Fujikoshi weren't fined because they reported the antitrust scheme to China's National Development and Reform Commission and supplied the agency with evidence of the rigged pricing.
Two Japanese bearings suppliers, NSK and NTN, were fined earlier this week as part of the same conspiracy.
NDRC says the companies colluded to fix prices on bearings and other components supplied to Ford, Honda, Nissan, Suzuki and Toyota.
The agency's investigation is similar to continuing antitrust probes in the U.S., Europe and Japan. The American investigation alone has so far found 28 companies guilty of criminal price fixing, collected some $2.4 billion in fines and imprisoned more than 20 executives.
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