Japanese auto parts firm Furukawa Electric was fined $200 million and three company executives sentenced to prison for price fixing and bid rigging, the Justice Department announced Thursday. Furukawa and the executives pleaded guilty to the felony charges, the first in an ongoing investigation into price fixing and bid-rigging by international auto parts suppliers, the department said.
The three executives, Junichi Funo, Hirotsugu Nagata and Tetsuya Ukai, will serve 12-18 months in a US prison for their roles in the conspiracy, the department said. "As a result of this international price-fixing and bid-rigging conspiracy, automobile manufacturers paid non-competitive and higher prices for parts in cars sold to US consumers," the department's acting assistant attorney general Sharis Pozen said in a statement.
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