Japanese auto parts execs indicted for price fixing

Seven executives from two Japanese auto parts makers have been indicted by a federal grand jury in Detroit for allegedly conspiring to fix prices, the Department of Justice has announced.

The three-count indictment charges Atsushi Ueda, Minoru Kurisaki and Hideyuki Saito of Mitsubishi Electric with conspiring to fix the prices of parts like starter motors, alternators and ignition coils. They were sold to Ford, General Motors and Chrysler and others. In addition, they face charges of conspiring to obstruct justice by destroying documents and trying to entice others to destroy evidence.

The other executives charged are Takashi Toyokuni, Ken Funasaki, Kazunobu Tsunekawa and Tomiya Itakura of Hitachi Automotive Systems. They each face a single count of conspiring to fix the prices of various automotive parts,

Toyokuni, Funasaki, Tsunekawa, and Itakura all are described as having been high-level managers in the Business Planning Department at Hitachi Automotive.

Prosecutors allege the scheme existed from at least as early as January, 2000 and continued until about February, 2010.