April 26, 2012 / 6:40 PM / in 6 years

Denso executive to plead guilty to price fixing-US

WASHINGTON, April 26 (Reuters) - An executive with Japan’s Denso Corp will plead guilty and has agreed to serve 14 months in prison for conspiring to fix the prices of heater control panels in cars, the U.S. Department of Justice said on Thursday.

The Justice Department said that in January Denso Corp said it would plead guilty to price-fixing in auto parts and pay a $78 million fine.

Denso’s Makoto Hattori will plead guilty to a single felony charge that was filed in the U.S. District Court for the Eastern District of Michigan.

Hattori’s plea deal is the ninth time an executive has been charged in the case.

Five companies including Denso, Japan’s Yazaki Corp, Furukawa Electric Co, Japanese electric wire and cable maker Fujikura Ltd and G.S. Electech have pleaded guilty and agreed to pay more than $748 million in fines.

Yazaki agreed to pay $470 million, the second largest price-fixing fine paid in the United States.

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