October 3, 2018 / 10:46 PM / 7 months ago

UPDATE 1-Nippon Chemi-Con to pay $60 mln fine for price fixing -U.S. Justice Dept

(Adds details, no response from company to request for comment)

WASHINGTON, Oct 3 (Reuters) - Nippon Chemi-Con Corp was sentenced to pay a $60 million criminal fine for its role in a conspiracy to fix prices for electrolytic capacitors, the U.S. Justice Department said on Wednesday.

Nippon Chemi-Con was also sentenced to a five-year term of probation, the department said in a statement. Nippon Chemi-Con pleaded guilty in May to conspiring with others to suppress and eliminate competition for electrolytic capacitors.

Nippon Chemi-Con did not immediately respond to a request for comment.

The statement said eight companies and 10 persons have been charged in the conspiracy. “All eight companies have pleaded guilty and have been sentenced to criminal fines collectively totaling over $150 million,” it said.

Two of the individuals charged have pleaded guilty and eight remain under indictment, including four Nippon Chemi-Con executives, the statement said.

Electrolytic capacitors store and regulate electrical current in electronic products such as computers, televisions, car engine and airbag systems, home appliances and office equipment, the statement said. (Reporting by Eric Beech and Mohammad Zargham; Editing by Sandra Maler)

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