JavaScript is off. Please enable to view full site.

Japanese computer parts maker pleads guilty to price-fixing, agrees to fine

Japanese computer parts maker pleads guilty to price-fixing, agrees to fine

Tuesday, July 30, 2019, 11:54 GMT+7
Japanese computer parts maker pleads guilty to price-fixing, agrees to fine
A sign of NHK Spring Co, commonly known as Nippatsu, is seen through foliage at its factory in Ota, Gunma prefecture, north of Tokyo, Japan, April 24, 2015. Photo: Reuters

WASHINGTON -- A Japanese electronics part maker agreed to pay $28.5 million for its role in a price-fixing scheme, the U.S. Department of Justice said on Monday.

NHK Spring Co Ltd pleaded guilty in U.S. district court in Michigan to a felony charge of conspiring with others, who were unnamed, to fix prices and refrain from price competition, according to a Justice Department press release.

The Japanese manufacturer of suspension assemblies used in hard disk drives used pricing information shared with rivals as the basis for negotiations with customers in the United States and overseas, the Justice Department said.

NHK Spring said in a statement it has made a “significant improvement” to its compliance program and is committed to complying with laws globally “to regain trust from stakeholders which may have been lost.”

The company ran the price-fixing operation from as early as May 2008 to as late as April 2016, according to the department.

As part of a plea deal, NHK Spring will pay the fine and cooperate in an ongoing investigation.

Reuters

More

Read more

;

Photos

VIDEOS

‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Vietnamese youngster travels back in time with clay miniatures

Each work is a scene caught by Dung and kept in his memories through his journeys across Vietnam

Latest news