Denso Corp, Continental AG and Bosch was finned with a total of 114.6 billion won ($107.99 million) by the South Korea's anti-trust regulator, saying that parts were sold to Hyundai Motor Co at a fixed price.
The fine comes as antitrust regulators from the United States to Europe and Japan crack down on price collusion among auto parts makers. The items that were globally effected include Power Steering Components, Seat Belts, Power Window Motor, Radiators and Air conditioning Systems.
South Korea's Fair Trade Commission (FTC) said on Monday :
The units of Denso, Continental and Bosch had rigged prices of instrument panels and wipers sold to Hyundai and affiliate Kia Motors.
The vehicles which were effected by this were Hyundai's Elantra (MD), Hyundai's Sonata (LF), Kia's Pride (UB) and Kia's Carnival (YP).
The companies that were involved in this price fixing of instruments from Jan 2008-Mar 2012 were Japan's Denso , South Koreans Unit and Continental's unit . 11 Million vehicles of Hyundai and Kia have installed this Panel.
The FTC Said:
The two Denso units face the biggest fine of 63 billion won, followed by Continental Automotive Electronics with 46 billion won and the Bosch unit with 5.6 billion won.
A spokesman for the continentals said that they did not receive any news regarding the fine from the FTC while the officials of Bosch and Denso were not available there at the time for comments.
The US Justice Department and Antitrust Enforcers Worldwide have been Seeking Price fixing of more than 30 car parts in a search that has involved 20 companies and 21 executives. $1.6 billion in fines. ($1 = 1061.2000 Korean won) is the total amount that the company has agreed to pay.
(Reporting by Hyunjoo Jin; Editing by Ryan Woo)
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