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US to jail Japanese auto execs over price-fixing

Published on Feb 1, 2014 1:51 AM
 

WASHINGTON (AFP) - Two former top executives of Japanese auto parts supplier Diamond Electric will be imprisoned for more than a year in the United States for price fixing, the Justice Department said Friday.

Shigehiko Ikenaga and Tatsuo Ikenaga, respectively the former president and vice president of the Osaka-based company, agreed to plead guilty to participating in a "global conspiracy" to fix prices of ignition coils installed in cars for the US market, the department said.

The conspiracy, spanning at least from 2003 to 2010, saw various manufacturers rigging bids and fixing prices for ignition cols sold to Ford, Toyota, and Subaru.

Felony charges were filed in the US District Court in Detroit against the two on Friday as part of the plea agreement.

 
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