U.S. Indicts Execs from NSK, Jtekt on Price Fixing

The U.S. Dept. of Justice has indicted two Japanese executive on charges of conspiring to fix prices and rig bids on bearings sold to Toyota Motor Corp.

The indictments name Hiroya Hirose at NSK Ltd., and Masakazu Iwami at Jtekt Corp. Both companies supply bearings to Toyota. Last year NSK and Jtekt pleaded guilty to conspiracy and paid fines of $68 million and $103 million, respectively.

Hirose and Iwami are charged with working with subordinate employees at their two companies to coordinate bids and pricing to be submitted to Toyota in the U.S. and elsewhere. They each face maximum penalties of 10 years in prison and fines of $1 million or more.

The two indictments bring to 46 the number of people charged in the Justice Dept.'s continuing investigation into bid rigging, price fixing and market allocation in the auto parts industry.