Denso has concluded a plea agreement with the US Department of Justice (DoJ) and will pay a fine of US$78m based on charges it violated anti-trust laws in connection with sales of certain automotive components, specifically, certain body electronic control units and heater control panels to one of its customers.
The supplier says it has cooperated fully with the investigation, noting the plea agreement requires it continues to do so.
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Fellow-Japanese electrical component supplier, Yazaki, has also agreed to pay a US$470m criminal fine – the second largest criminal fine obtained for a Sherman Act anti-trust violation.
Denso added the fine will have no material effect on its financial forecast for the fiscal year ending 31 March, 2012 and will be recorded as an extraordinary loss in the third quarter.
A statement from the component manufacturer noted: “It is Denso’s policy to comply with all applicable antitrust laws. Since learning of the investigation in February 2010, Denso has taken various measures, including implementing even more stringent compliance rules and even more enhanced compliance training to further ensure its employees comply with all applicable antitrust laws.
“In addition, to emphasise the seriousness of these matters, Denso Corporation’s chairman, president and certain board members and executive directors will voluntarily return 30% to 10% of their compensation for a three-month period starting February, 2012.”
Further details of the DoJ decision are available here.
