| Teesus | Date: Friday, 2013/07/19, 4:34 PM | Message # 1 | DMCA |
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TOKYO: Investors shrugged Friday after the US Justice Department announced Japan's Panasonic and its subsidiary SanyoBSE 0.00 % had pleaded guilty to price-fixing involving auto parts and battery cells, agreeing to pay fines totalling $56.5 million.
A third company, South Korea's LG Chem LTD, also pleaded guilty and will pay a more than $1 million criminal fine for price-fixing for its batteries, the department said Thursday in a statement.
According to the three felony charges filed against Panasonic, between September 2003 and February 2010 the Japanese company "participated in a conspiracy to rig bids for, and to fix, stabilise and maintain the prices of" car parts.
The parts -- which included steering wheel switches and steering angle sensors -- were sold to Japanese auto giant Toyota in the United States and elsewhere, the Justice Department said.
Starting in 1998, the company also engaged in price-fixing for automotive HID ballasts -- which regulate voltage for car lights -- to be sold to Honda, Mazda, and Nissan carmakers.
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Message edited by Teesus - Friday, 2013/07/19, 4:36 PM |
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