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S. Korea probes Japanese auto parts suppliers over suspected price rigging

Autos 22:38 August 05, 2019

SEOUL, Aug. 5 (Yonhap) -- Prosecutors have launched a probe into two Japanese auto parts suppliers over suspected price rigging in their dealings with South Korean buyers, including Hyundai Motor Co., officials said Monday.

The Seoul Central District Prosecutors' Office took over the case involving Mitsubishi Electric and Hitachi Automotive Systems from the Fair Trade Commission (FTC) last month, according to the officials.

The two companies are accused of having fixed prices for products such as alternators and ignition coils since the 2000s.

The anti-trust watchdog said Sunday it slapped fines totaling 9.2 billion won ($7.56 million) on four Japanese companies -- Mitsubishi, Hitachi, Denso and Diamond Electric -- and filed a complaint with the prosecution to investigate Mitsubishi and Hitachi in July.

The FTC said it began the inquiry in 2014 and planned to announce the result last month but postponed it because of the ongoing trade and diplomatic row with Japan.


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