Former supplier exec indicted in ongoing U.S. price-fixing probe
A former executive with Japanese provider T.RAD Co. h AS been indicted for conspiring to fix prices of radiators marketed in in the USA.
Michitaka Sakuma, a former executive managing director for the firm, was indicted in US District Court in Detroit today on one charge of conspiring to fix the costs of radiators offered to Honda Motor Co. and Toyota Motor Corp., the U.S. Department of Justice said in a statement.
This breach of the Sherman Act carries a maximum punishment of 10 years in jail along with a $1million good.
The Justice Department declaration failed to suggest Sakuma's present location as well as a spokesman couldn't be immediately reached for comment. It wasn't clear whether Sakuma has kept an attorney. In about 20 previous cases, Japanese provider executives indicted in the United States have stayed in Japan to prevent prosecution.
The the us government alleges that Sakuma and his coconspirators started participating in price fixing conspiracy assemblies as early as Oct 2003 and through February 2010. The conspirators supposedly reached deals to rig bids, allocate provide and repair the cost of radiators offered to Honda and Toyota.
In 2013, T.RAD pleaded guilty to participation in the price fixing scheme and consented to pay a $13.75 million good.
Sakuma's indictment is a part of an ongoing federal probe into price-fixing, bid rigging and other anti-competitive actions in the automotive components business. Similar investigations have already been continuing in Canada, Europe and Asia.
Including Sakuma, 53 people are charged in the U.S. investigation while 3-5 firms have pleaded guilty or consented to plead guilty. These firms have agreed to cover a combined total of $2.5 billion in criminal fines -- making it the biggest antitrust prosecution in US history.
It's possible for you to reach Nora Naughton at [email protected]
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