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EU Fines Yazaki, Furakawa, Leoni for Wiring Harness Cartel
European Union 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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European Union 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 ($174 million) on Yazaki Corp. and its S-Y Systems Technologies unit. Furakawa Electric and Leoni AG were fined €4 million ($5 million) and more than €1 million (nearly $2 million), respectively.
Sumitomo Electric evaded what would have been a €292 million ($374 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 and sentenced 14 executives to U.S. prison terms.
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