Two Japanese auto parts execs to get U.S. jail for price fixing
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Exhibition Name: Two Japanese auto parts execs to get U.S. jail for price fixing
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WASHINGTON, Dec 1 (Reuters) - Two executives, from Japan-based auto parts makers T.RAD Co Ltd (7236.T) and Mitsuba Corp (7280.T) , have agreed to plead guilty and serve U.S. prison terms for conspiring to fix the prices of auto parts, the Justice Department said on Monday.

The Justice Department, along with antitrust enforcers globally, have been investigating price fixing of more than 30 car parts, including seat belts, air-conditioning systems, power window motors and power steering components.

In one case, Kazumi Umahashi, a former general manager of Mitsuba, agreed to serve 13 months in a U.S. prison for conspiring to fix the prices of windshield wiper systems and starter motors sold to Honda Motor Corp Ltd (7267.T) , the Justice Department said.

In the second, Kosei Tamura, a T.RAD executive, pleaded guilty to conspiring to fix the prices of automobile radiators also sold to Honda Motor Corp and agreed to serve a prison sentence of 366 days, the department said.

Both men agreed to pay fines of $20,000, the department said.

"The (Justice Department's) Antitrust Division has uncovered dozens of conspiracies to fix prices in the automotive industry," said Brent Snyder, deputy assistant attorney general in the division, in a news release. "The impact of these schemes has affected nearly every American."

The two companies are among 32 which have pleaded guilty to fixing the prices of dozens of car parts. The guilty pleas by the two men bring to 48 the number of people who have been charged with price-fixing or rigging bids of auto parts.

Neither man could be reached for comment.

Source: Reuters
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