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Denso fined CA$2 mil. by Canada over bid-rigging on auto parts deal(Japan Economic Newswire Via Acquire Media NewsEdge) Japan's largest car electronic parts manufacturer, Denso Corp., said Thursday it was fined CA$2.45 million (200 million yen) by a court in Canada for violating the country's competition law by rigging bids on transactions in certain auto parts. The payment will be booked as an extraordinary loss in the July-September period of the current fiscal year through March 31, 2015, the company said. According to Canada's Competition Bureau, Denso conspired with other Japanese motor vehicle components manufacturers to coordinate responses and fix winners of bids for computers used to control power supply to mirrors, door locks and electric windows for Toyota Motor Corp. vehicles. Denso, along with nine other Japanese automotive parts makers, has also been slapped with fines by Chinese authorities for forming a price cartel and inappropriately raising the prices of their products. Denso said in its press release that its group companies have taken various measures, including more stringent compliance rules, and that it is "committed to compliance with all applicable competition laws around the world." (c) 2014 Kyodo News |