US: Furukawa Electric "remorse" as cartel plea deal lands it US$200m fine
Furukawa Electric has concluded a plea agreement with the US Department of Justice under which it has agreed to pay a massive US$200m fine.
The company has acknowledged allegations in criminal proceedings relating to cartel activities with unamed "certain competitors" for the automotive wire harness and related products.
The Furukawa Group said it had been "fully cooperating" with the US Justice Department's investigation in a statement. After analysing applicable laws, Furukawa Electric decided to enter into a plea agreement with the US Department of Justice.
The company added its directors would return part of their compensation
in light of the impact to the company and to reflect what it referred to as "management's remorse."
Furukawa said it had announced a report by the 'Third-Party Investigative Committee regarding the Violations of Anti-Monopoly Act' in December 2009 and that it had been been carrying out the measures to prevent recurrence of such conduct based on the committee's proposals.
Additionally, Group Companies have conducted investigations by outside legal counsel along with the committee's investigation to ensure such "problematic conduct" did not reoccur and "had stopped all suspicious conduct."
Furukawa added it remained "committed to compliance with all laws around the world to regain the public's confidence in the entire Group Companies globally."