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Korea Fines 4 Japanese Suppliers for Price Fixing
Four Japanese auto suppliers have been fined a combined 92 billion won ($76 million) by South Korea’s Fair Trade Commission for rigging bid prices on electrical components sold to Korean carmakers.
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Four Japanese auto suppliers have been fined a combined 92 billion won ($76 million) by South Korea’s Fair Trade Commission for conspiring to rig bid prices on electrical components sold to Korean carmakers.
The suppliers are Denso, Diamond Electric, Hitachi Automotive Systems and Mitsubishi Electric. Mitsubishi, which was fined 80 billion won ($66 million), and Hitachi also have been charged with criminal wrongdoing.
The companies rigged prices on such engine components as alternators and ignition coils, according to media reports, according to The Korea Herald.
Korea’s Yonhap News Agency says the commission delayed announcing the penalties last month because Japan and Korea were trying to resolve trade disputes. Those discussions collapsed last week when Japan removed Korea from its list of trusted trading partners. An official with Korea’s trade commission describes Japan’s action as “economic retaliation.”
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