2 auto executives charged with price fixing
COVINGTON, Ky. (AP) — Arrest warrants have been issued for a pair of Japanese automotive parts executives charged in northern Kentucky with conspiring to fix prices and rig bids of bearings.
A grand jury in Covington handed up the charges against Hiroya Hirose, an executive at NSK Ltd., and Masakazu Iwami, an executive at Jtekt Corp. The U.S. Justice Department announced Friday the pair worked to fix the prices of bearings sold to Toyota Motor Corp. and Toyota Motor Engineering & Manufacturing North America Inc. in the United States and elsewhere from 2001 and through July 2011.
Hirose was a group sales manager in NSK’s Mid-Japan Automotive Department Office. Iwami was a section manager, then general manager, in Jtekt’s Toyota Branch office.
Prosecutors say the charges are part of an ongoing investigation.