Auto Parts Suppliers Involved In Largest Price Fixing Investigation In U.S. History
An investigation is currently underway regarding a cross-continent auto-parts price fixing operation involving the authorities of Australia, United States, Europe and Japan.
These companies have supplied parts to both automakers and aftermarket companies in immense volumes that caused a certain government official to even declare that this investigation is the largest probe in U.S. history. A total of 20 automotive suppliers are under scrutiny although it is believed that the scope of the investigation is much greater. Selective companies that have been identified are publicly traded and, by law, must disclose involvement in the investigation to shareholders. However, private companies are not obligated to do the same.
Furukawa Electric Company of Japan is currently the first and only company to be convicted of price fixing in the investigation. Given a $200 million USD fine, three of Furukawa’s U.S. based execs face criminal charges and incarceration. Subpoenas have been handed down for raids against 19 suppliers over six supply sectors.
[Source: Autoblog]
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