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UPDATE 1-Former Diamond Electric execs to admit price-fixing -U.S. prosecutors
January 31, 2014 / 5:56 PM / 4 years ago

UPDATE 1-Former Diamond Electric execs to admit price-fixing -U.S. prosecutors

WASHINGTON, Jan 31 (Reuters) - A former president and former vice president of Japan’s Diamond Electric Manufacturing Co Ltd have agreed to plead guilty to conspiring to fix the prices of ignition coils used in cars, the U.S. Justice Department said on Friday.

Law enforcement authorities in the United States and elsewhere have brought price-fixing cases related to more than 30 car parts, including seat belts, radiators, windshield wipers, air-conditioning systems, power window motors and power steering components.

Shigehiko Ikenaga, a former president of Diamond Electric, agreed to serve 16 months in prison while Tatsuo Ikenaga, a former vice president agreed to serve 13 months, the department said.

The plea agreement came six months after the company itself agreed to plead guilty and pay a $19 million fine for the price-fixing involving ignition coils sold to Ford Motor Co and other companies.

Including Diamond, 24 companies have pleaded guilty or agreed to plead guilty in connection with the U.S. probe. A total of 28 executives have been charged.

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