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.
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