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Panasonic group exec indicted for price fixing in U.S.

JIJI

An executive of a Panasonic Corp. group firm has been indicted by a federal grand jury in Detroit for allegedly participating in a price-fixing cartel for auto parts, the U.S. Department of Justice said.

From January 2004 to February 2010, and possibly longer, Shinichi Kotani of Panasonic Automotive Systems conspired with officials from rival suppliers to fix prices for switches and steering angle sensors sold to Toyota Motor Corp. and used in cars sold in the United States, the department said Tuesday.

Panasonic admitted playing a role in the cartel and was fined $45.8 million (¥4.5 billion).

Panasonic Automotive Systems is based in Georgia.