{"id":23428,"date":"2016-05-16T09:45:12","date_gmt":"2016-05-16T16:45:12","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=23428"},"modified":"2016-05-16T09:45:12","modified_gmt":"2016-05-16T16:45:12","slug":"price-fixing-auto-parts-results-66-5-million-criminal-fine-tokyo-based-company","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=23428","title":{"rendered":"Price Fixing on Auto Parts Results in $66.5 Million Criminal fine Against Tokyo-Based Company"},"content":{"rendered":"

MICHIGAN<\/strong><\/span><\/p>\n

\n
\"Courtesy
Courtesy U.S. Justice Dept<\/figcaption><\/figure>\n

A Tokyo-based company plead guilty to price fixing and bid rigging on the market for ceramic substrates used in catalytic converters that are supplied to auto manufacturers, officials announced today.<\/span><\/p>\n

According to the felony charge filed today in federal court, Corning International K.K<\/strong>. conspired to fix prices and rig bid as early as July 1999 and until July 2011, according to officials.<\/span><\/p>\n

Including Corning International K.K., officials said 40 companies have been charged in connection with this investigation and have agreed to pay more than $2.6 billion in criminal fines.\u00a0<\/span><\/p>\n

In addition, 59 individuals have been charged, including a former executive of Corning International K.K.\u00a0 <\/span><\/p>\n

On May 11, 2016, a federal grand jury returned an indictment against Nobuhiko Niwa,<\/strong> a Japanese national, for his role in the conspiracy.\u00a0 Niwa was charged with participating in the conspiracy from at least as early as July 1999 until on or about July 2011, authorities said.<\/span><\/p>\n

\u201cCorning International K.K. \u2013 and Nobuhiko Niwa, its former executive, who was indicted last week \u2013 spent more than a decade colluding on sales of an important component of emissions systems for use in cars made and sold in the United States and elsewhere,\u201d said Deputy Assistant Attorney General Brent Snyder of the Justice Department\u2019s Antitrust Division.\u00a0<\/strong> \u201cBut they have now been held accountable for the competitive harm they caused.\u201d<\/span><\/p>\n

The ceramic substrates are supplied to automobile manufacturers including Ford Motor Company, General Motors LLC, Honda Motor Company Ltd., and other suppliers in the United States and elsewhere.\u00a0 <\/span><\/p>\n

Corning International K.K. agreed to cooperate in the department\u2019s ongoing investigation.\u00a0 The plea agreement will be subject to court approval, according to officials.<\/span><\/p>\n

\u201cCorning International K.K.’s conspiracy to rig bids and fix prices brought the company increased revenues at a cost to auto manufacturers, suppliers, and ultimately, consumers,\u201d said Special Agent in Charge David P. Gelios of the FBI\u2019s Detroit Division.<\/strong>\u00a0 \u201cAttempts to thwart the free market system are damaging to our economy, and thereby its consumers, and will be actively investigated and prosecuted.\u201d<\/span><\/p>\n

Authorities said there is still an ongoing investigation by the\u00a0Antitrust Division\u2019s Washington Criminal I Section and the FBI.<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

A Tokyo-based company plead guilty to price fixing and bid rigging on the market for ceramic substrates used in catalytic converters that are supplied to auto manufacturers, officials announced today.
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