Toyo Fine Brings Auto Parts Total to $58m
Another fine has been levied in the Competition Bureau’s auto parts investigation, bringing the total amount of fines to $58 million.
Yesterday, the Bureau announced that Toyo Tires & Rubber Co., Ltd. has pleaded guilty to 3 counts of rigging bids for the supply of anti-vibration components to Toyota Motor Corp., Ltd., and has been fined $1.7 million. The bid-rigging happened between 2004 and 2006 in response to a request for quotes issued by Toyota.
The Bureau was alerted to the impugned agreements, which were formed between 2004 and 2006, through its Immunity Program. Toyo is one of a number of firms who have assisted the Bureau in its investigation through the Leniency Program, in which cartel participants provide information to the Bureau in exchange for more lenient treatment in sentencing.
Previous developments in the Bureau’s auto parts investigation include:
- December 11, 2014: Yamashita Rubber Co., Ltd. was fined $4.5 million for rigging bids for anti-vibration components
- August 20, 2014: DENSO Corporation was fined $2.45 million for rigging bids for body electronic control units.
- February 20, 2014: Panasonic Corporation was fined $4.7 million for rigging bids for certain types of switches and sensors.
- January 30, 2014: NSK Ltd. was fined $4.5 million for rigging bids for automotive wheel hub unit bearings.
- July 12, 2013: JTEKT Corporation was fined $5 million for rigging bids for automotive wheel hub unit bearings.
- April 18, 2013: Yazaki Corporation was fined $30 million for rigging bids for wire harnesses.
- April 4, 2013: Furukawa Electric Co., Ltd. was fined $5 million for rigging bids for electrical boxes.
