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Grand Jury Indicts Three Japanese Execs for Price Fixing
A federal grand jury in Kentucky has indicted three former or current Japanese executives for conspiring to fix prices on rubber seals and weather stripping sold to Honda Motor Co. and Toyota Motor Corp.
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A federal grand jury in Kentucky has indicted three former or current Japanese executives for conspiring to fix prices on rubber seals and weather stripping sold to Honda Motor Co. and Toyota Motor Corp.
The U.S. Dept. of Justice did not divulge the name of the company their worked for. Reuters say they were employees of Nishikawa Rubber Co. or an unnamed venture involving the company.
The sales executives Mikio Katsumaru, Yuji Kuroda and Keiji Kyomoto face penalties as great as a $1 million fine and 10 years in prison for rigging prices between at least 2003 and 2011, then encouraging employees to destroy evidence when the wrongdoing was being investigated.
The indictments are part of a continuing global investigation of price fixing among auto suppliers that so far has snared 37 companies and 58 executives in the U.S. alone.
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