October 10, 2013 / 12:53 PM / 6 years ago

Takata to pay $71.3 mln fine over seatbelt price-fixing charges

TOKYO, Oct 10 (Reuters) - Takata Corp will pay $71.3 million to settle antitrust charges brought by U.S. federal prosecutors over price fixing of seatbelts sold to carmakers, the Japanese auto parts maker said on Thursday.

Takata will book an extraordinary loss of around $72 million, or 7 billion yen, in its July-September earnings, it said. It currently expects to book a net profit of 14.5 billion yen for the financial year ending March 2014.

Takata’s agreement is the latest development in an investigation into price fixing of a broad range of car parts involving more than 20 companies.

Takata’s CEO Shigehisa Takada will face a 30 percent cut in executive compensation while other directors will face a 15 percent cut, the company said.

Takata released a statement in Tokyo, and details of the deal with the U.S. Department of Justice were not immediately available.

Last month, nine companies based in Japan and two executives had agreed to plead guilty and to pay almost $745 million in fines for their roles in long-running conspiracies to fix the prices of auto parts sold to U.S. car manufacturers.

$1 = 97.1950 Japanese yen Reporting by Yoko Kubota. Editing by Jane Merriman

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