Antitrust Law Daily Wrap Up, ANTITRUST NEWS: Japanese bearings manufacturer fined for rigging bids in violation of Canada law, (Jul 15, 2013)
Organizations Mentioned:Furukawa Electric Co., Ltd. | JTEKT Corp.
By Tobias J. Gillett, J.D., LL.M.
JKEKT Corporation, a Japanese bearings manufacturer, has pled guilty to two counts of bid rigging in violation of the Competition Act, and has been fined (Can.) $5 million by the Superior Court of Quebec in Gatineau, the Canada Competition Bureau has announced.
The (Can.) $5 million fine penalizes JKEKT’s bid rigging conduct with respect to automotive wheel hub unit bearings supplied to Toyota Motor Manufacturing Canada Inc. between 2007 and 2013. JTEKT is the first manufacturer to plead guilty in the Competition Bureau’s investigation into bid rigging for automotive bearings. JKEKT aided the Bureau’s investigation through its participation in the Bureau’s Leniency Program, according to the Bureau. The Competition Bureau emphasized that it has made no allegations that Toyota participated in any wrongdoing.
"Companies that engage in bid-rigging and other cartel offences manipulate and suppress the competitive process to the detriment of all Canadians," said John Pecman, Commissioner of Competition. "Cracking down on cartel offences that impact Canadians has been, and will continue to be, a top priority for the Bureau."
The Competition Bureau’s action against JKEKT comes after prior (Can.) $5 million and (Can.) $30 million fines against Furukawa Electric Co., Ltd. and Yazaki Corporation respectively for their participation in bid rigging conspiracies with respect to motor vehicle components.
Companies: JTEKT Corp.
News: Antitrust