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Tag: Japan

Japanese Auto Suppliers to Plead Guilty to Price Fixing in US

fbi photo

By Danny Fenster
ticklethewire.com

Two Japanese suppliers of electrical auto components have agreed to plead guilty and to pay out $548 million in criminal fines in a price-fixing and bid-rigging scheme, the FBI announced on their blog this week. Four executives of auto parts sales companies, all Japanese nationals, also agreed to plead guilty, according to the FBI.

One of the companies took part in several conspiracies to fix prices on automobile parts sold in the US, with the other took part in a conspiracy to rig bids and fix prices of essential electrical parts.

“This criminal activity has a significant impact on automotive manufacturers in the U.S., Canada, Japan, and Europe and had been occurring for at least a decade,” said FBI Detroit Special Agent in Charge Andrew Arena.

To read more click here.

FBI Investigates Japanese Bankers’ Big Pay-Off

By Danny Fenster
ticklethewire.com
 
Who knew an advisory roll could pay out so well? 

Hajime Sagawa and Akio Nakagawa, two Japanese bankers, spent their career moving from firm to firm on Wall Street, reports the New York Times. Then, when advising the Japanese company Olympus–largely successful in medical equipment but better known as a camera maker–on their takeover of a British company, the two bankers were paid $687 million.

“But the fee amount was more than 30 times the norm on Wall Street,” reports the Times. And now the FBI is investigating.

“This is about following the money,” Jonathan R. Macey, a professor of corporate law and governance at Yale, told the Times. “It’s very unusual and raises a classic red flag, pointing to either a waste of company assets or corruption.”

The payment went in part to “a tiny, unknown firm,” says the Times, run by the two bankers, and the rest to a Caymen Islands company with ties to one of the two men. Both firms closed up shop shortly after the payments were made.

The focus of the investigation is not yet clear, and spokespeople for the FBI declined the Times requests for comment.

To read more click here.