Japan’s Maruyasu Industries has agreed to plead guilty to a single charge of bid rigging, while other charges filed against it by the US Justice Department were dropped, reported Reuters.
The company was indicted in Ohio in 2016 on charges of rigging bids for steel tubes that automakers use in fuel distribution, braking and other parts of their cars.
The indictments arose from a long-running international antitrust investigation of price fixing in the auto parts industry that has ensnared more than 40 companies and 60 people.
Under a plea agreement, Maruyasu pleaded guilty and was sentenced to pay a US$12 million criminal fine, the Justice Department said on Thursday, May 31.
“We knew all along that the US regulators would not be able to support their broad allegations,” a Maruyasu spokesperson said in a statement. “We are pleased with this outcome. We do apologize to Nissan, the single customer who was victimized by our misconduct in Japan ten years ago.”
Under the agreement, the indictment of Maruyasu’s US subsidiary was dropped, as were indictments against several sales executives.
Full Content: Reuters
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