Industryweek 6086 Diamond 1
Industryweek 6086 Diamond 1
Industryweek 6086 Diamond 1
Industryweek 6086 Diamond 1
Industryweek 6086 Diamond 1

US to Jail Japanese Auto Execs Over Price-fixing

Jan. 31, 2014
The conspiracy, spanning at least from 2003 to 2010, saw various manufacturers rigging bids and fixing prices for ignition coils sold to Ford, Toyota, and Subaru.

WASHINGTON -- 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 U.S. 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 U.S. District Court in Detroit against the two on Friday as part of the plea agreement.

Shigehiko Ikenaga will serve 16 months in prison while his brother Tatsuo will serve 13 months. Both agreed to pay criminal fines of $5,000 each.

The two executives are the sons of company founder Shigeji Ikenaga, who died in 2012.

Diamond Electric itself pleaded guilty to charges in the price-fixing probe last September, and was fined $19 million.

The charges and sentences are part of a long-term, wide-ranging probe into price fixing by mainly Japanese auto parts makers that has led to charges against 24 companies and 28 individuals.

Copyright Agence France-Presse, 2014

Popular Sponsored Recommendations

Learn How Manufacturers like 3M Cater to Digital Buyers to Increase Sales

Aug. 13, 2023
In this article, you'll learn how manufacturers can balance educating and guiding their buyers through their complex buying process with a digital first approach to product discovery...

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

How Manufacturers Can Optimize Operations with Weather Intelligence

Nov. 2, 2023
The bad news? Severe weather has emerged as one of the biggest threats to continuity and safety in manufacturing. The good news? The intelligence solutions that build weather ...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!