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EU Fines Wiring Harness Makers €141 Million for Rigging Bids
EU anti-trust regulators have fined three auto suppliers for conspiring to fix the prices and allocation of wiring harnesses they sold in Europe to Honda, Nissan, Renault and Toyota between 2000 and 2009.
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EU anti-trust regulators have fined three auto suppliers for conspiring to fix the prices and allocation of wiring harnesses they sold in Europe to Honda, Nissan, Renault and Toyota between 2000 and 2009.
The European Commission levied penalties totaling €136 million on Yazaki Corp. and its S-Y Systems Technologies unit. Furakawa Electric and Leoni AG were fined €4 million and more than €1 million, respectively.
Sumitomo Electric evaded what would have been a €292 million fine because it informed European regulators about the cartel. The other companies won 10% reductions in their original penalties by admitting to participation in the scheme.
The sanctions were the first in the EU to result from an ongoing investigation by authorities in Europe, Japan and the U.S. into bid rigging by auto suppliers. The American government has fined nine companies a combined $809 million (€631 million) and sentenced 14 executives to U.S. prison terms.
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