NEWS

South Korea fines Japanese auto parts suppliers Denso, NGK for price fixing

Thursday, Mar 26, 2015

South Korea's antitrust regulator will fine five auto parts firms, including Japan's Denso Corp, NGK Spark Plug and their local units, a total of 3.5 billion won ($3.2 million) for fixing prices and rigging bids for engine parts.

The regulator's fine is the latest in a global crackdown on price-manipulation by auto component makers.

In a statement, the Fair Trade Commission said the five firms colluded on bid prices and winners for parts tenders made by South Korea's biggest automakers Hyundai Motor and Kia Motors from 2008 and 2011.

Denso Corp and its South Korean unit will face a combined fine of a 1.36 billion won. NGK Spark Plug and its South Korean subsidiary will be fined 1.513 billion won and local firm Yura Tech will be fined 629 million won, the statement said.

In a statement, Denso said its companies were "exempted from surcharges" after they applied for a "leniency program".

Officials at Yura Tech and the South Korean unit of NGK Spark Plug were not immediately available for comments, or said they did not have knowledge of the results.

 

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