Mexican Media Brands
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.
#regulations
Share
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.
RELATED CONTENT
-
Daimler Cleared to Test Advanced Robotic Cars on Beijing Roads
Daimler AG has become the first foreign carmaker to win permission to test advanced self-driving vehicles on public roads in Beijing.
-
U.S. in No Hurry to Regulate Autonomous Vehicles
The National Highway Traffic Safety Administration says the emerging technology involved in self-driving cars is too new to be tightly regulated.
-
Takata Recalls Another 3.3 Million Airbag Inflators in U.S.
More than a dozen carmakers are preparing to recall another 3.3 million vehicles in the U.S. to replace Takata Corp. airbag inflators that could explode in a crash.