Saturday, April 18th15.3°C
25933

Japanese bearings company fined $4.5M after guilty plea in bid-rigging scheme

GATINEAU, Que. - Japanese bearings manufacturer NSK Ltd. has been fined $4.5 million for its role in an international bid-rigging scheme.

The Competition Bureau said NSK pleaded guilty Thursday to two counts of bid-rigging under the federal Competition Act in Quebec Superior Court.

The plea is related to automotive wheel hub unit bearings it supplied to Toyota Motors Canada between 2007 and 2013.

The bureau said there was no allegation of wrongdoing against Toyota Canada.

In July, another bearings manufacturer JTEKT Corp. also pleaded guilty to two counts of bid-rigging and was fined $5 million as part of the same case.

The Competition Bureau said it became aware of the bearings cartel through its immunity program.

Under the Competition Act, it is a criminal offence for two or more bidders to agree on bids submitted, to agree that one party will refrain from bidding, or to agree that one party will withdraw a submitted bid without informing the person calling for the bids of this agreement.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX15360.55-26.22
S&P CDNX702.85-2.74
DJIA17826.30-279.47
Nasdaq4931.81-75.98
S&P 5002081.18-23.81
CDN Dollar0.8169-0.0001
Gold1204.10+6.10
Oil56.14-0.57
Lumber245.50-9.80
Natural Gas2.641-0.043

 
Okanagan Companies
Pacific Safety0.12+0.00
Knighthawk0.010.00
QHR Technologies Inc1.40-0.01
Cantex0.035+0.005
Anavex Life Sciences0.33+0.02
Metalex Ventures0.075+0.030
Russel Metals27.48-0.23
Copper Mountain Mining1.13+0.01
Colorado Resources0.10-0.00
ReliaBrand Inc0.005+0.001
Sunrise Resources Ltd0.04-0.01
Mission Ready Services0.175-0.010
Decisive Dividend Corporation1.80+0.15

 





FEATURED Property
22433381205 Kelglen Crescent
3 bedrooms 2 baths
$389,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Calling on your help!

Has the internet flattened prices as predicted? Has the internet created opportunities for your business to find higher priced markets further afield? Is posting prices on your website a good thing o...


Living with Plan B

“It does not do to leave a live dragon out of your calculations, if you live near him.”― J.R.R. Tolkien, The Hobbit Photo: Thinkstock.comHuman beings are optimists by nature. Whether...


Reverse mortgage solution

With the housing and financial markets on solid footing, some retired Canadians may consider cashing in their growing assets to enjoy vacations and major home renovations. Others, on the other hand, a...

_



25922

25633


Member of BC Press Council


25346