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Denso hit with $2 million fine over bid-rigging in Canada

Kyodo

Denso Corp., the nation’s largest manufacturer of electronic auto parts, said Thursday it had been fined $2.45 million Canadian dollars (¥200 million) by a court in Canada for breaking the competition law by rigging bids on transactions in several kinds of auto parts.

The payment will be booked as an extraordinary loss in the July-September quarter of the current fiscal year, which ends on March 31, 2015, the company said.

Canada’s Competition Bureau accused Denso of conspiring with other Japanese auto parts makers to coordinate responses and rig bids for the computers that regulate power supply to mirrors, door locks and electric windows in Toyota Motor Corp. vehicles.

Denso, along with nine other Japanese parts makers, has also been slapped with hefty fines by Chinese authorities for forming a price cartel and gouging consumers for their products.

Denso said in a press release that its group companies have taken various measures, including more stringent compliance rules, to ensure that its future transactions are in line with competition laws around the world.