One of the world’s largest worldwide automotive suppliers, Japanese-based Yazaki Corporation, has received the largest fine ever under competition law in Australia for engaging in cartel conduct.
The AUS$46 million (US$34.6 million) penalty, imposed on Wednesday, May 16, by the Federal Court, following an appeal by the Australian Consumer and Competition Commission (ACCC), more than quadruples the original AUS$9.5 million (US$7.1 million) fine and ends a six year case against the global company, which supplied wire harnesses—electrical cabling—used in the Toyota Camry when it was manufactured in Australia.
The penalty aligns with the ACCC’s original submission for a fine between AUS$42 million (US$31.6 million) and AUS$55 million (US$41.3 million).
The Australian decision follows a US$470 million fine for price-fixing in 2012 following a two-year investigation by the US Justice Department that also saw four Yazaki executives in America receive prison sentences. The company, which has an annual turnover in excess of US$14 billion, received additional state-based penalties in the USA over the illegal behavior.
Full Content: ABC News
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
