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Two NGK Execs Indicted in U.S. for Price Fixing
A pair of executives at NGK Spark Plug Co. have been charged by the U.S. Dept. of Justice with conspiring to fix prices on components supplied to DaimlerChrysler, Ford, General Motors, Honda, Nissan, Subaru and Toyota.
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A pair of executives at NGK Spark Plug Co. have been charged by the U.S. Dept. of Justice with conspiring to fix prices on components supplied to DaimlerChrysler, Ford, General Motors, Honda, Nissan, Subaru and Toyota.
The Justice Dept. says former General Sales Manager Norio Teranishi and former European Managing Director Hisashi Nakanishi conspired with others to rig bids, fix prices and allocate supplies of spark plugs, oxygen sensor and air-fuel ratio sensors between at least 2000 and 2011.
NGK pleaded guilty last autumn to a criminal change of participating in the conspiracy and paid a $52 million fine. Teranishi and Nakanishi each face maximum penalties of 10 years in prison and a $1 million fine. Both men are in Japan and are unlikely to be extradited.
The indictments bring to 55 the number of individuals charged with conspiracy to manipulate prices on a wide range of automotive components. To date 35 companies have pleaded guilty and agreed to pay more than $2.5 billion in criminal fines.
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