Japan auto parts maker to pay $1 million fine to US

Japan auto parts maker to pay $1 million fine to US

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The Justice Department on August 28, 2012 said that the Japanese Auto parts making company Nippon Seiki has agreed to pay $1 million criminal fine in the US after admitting to price fixing. The Japan based industry, the Nagoka is the latest to be caught in a long running US probe in to the price fixing and big rigging issue going on in the auto parts industry.

The Justice Department in a statement said that a one-count felony charge was filed in the federal court in Detroit, which is the hub of the industry. The Japanese auto parts company pleaded guilty for fixing the prices of the instruments and conspiring to rig bids, instruments and gauges located in front of the driver of an automobile in the cars which are sold in the US and elsewhere.

The conspiracy had begun in April 2008 and lasted until at least February 2010. Nippon Seiki agreed to operate with the department in terms of the investigation as a part of the plea agreement which is subject to court approval.

The Justice department has also revealed that a total of eight companies including Nippon Seiki, and 11 executives have been charged in the investigation process.