U.S. Court Indicts Panasonic Executive for Price Fixing

A federal grand jury in Detroit has indicted an executive with Panasonic Corp. for fixing prices on auto components.

The charges say Shinichi Kotani and others held meetings in the U.S. and Japan from 2004 to early 2010 to rig bids for switches and sensors sold to Toyota Motor Corp.

Kotani was Panasonic's Georgia-based U.S. vice president for automotive systems in 2008-2009. He faces a possible $1 million fine and 10 years in prison. Panasonic pleaded guilty in July to abetting the conspiracy and agreed to pay a fine of nearly $46 million.

The charges against Kotani come only four days after two executives with Fujikura Ltd. were indicted for fixing prices on wiring harnesses sold to Subaru maker Fuji Heavy Industries Ltd.

Earlier this month a federal grand jury in Kentucky indicted Shingo Okuda, an executive with G.S. Electech Inc., for participating in a conspiracy to fix prices for antilock brake wiring assemblies.

All four indictments are part of a global investigation into price fixing among auto suppliers in America, Japan and Europe. The U.S. Dept. of Justice has fined 13 suppliers a combined $885 million to date. At least 15 executives have been imprisoned.