Japanese Executive Charged with Price Fixing

By: Associated Press
By: Associated Press

COVINGTON, Ky. (AP) -- An executive with G.S. Electech has been charged with conspiracy to rig bids and fix prices for automobile antilock brake parts installed in American cars.

A federal grand jury in Covington, Ky., handed up the indictment Wednesday of Shingo Okuda. Okuda is accused of agreeing to coordinate bids and fix prices of automotive parts submitted to Toyota. According to the charge, Okuda's involvement in the conspiracy lasted from at least January 2003 until at least February 2010.

The U.S. Justice Department says the indictment is the first in Kentucky in an ongoing investigation into anticompetitive behavior in the auto parts industry.

G.S. Electech Inc. manufactures, assembles and sells a variety of automotive electrical parts.

Court records did not list an attorney for Okuda.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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