Tuesday, May 26th18.3°C
25936

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

24947


Recent Trending




Today's Market
S&P TSX15050.81-136.59
S&P CDNX691.96-8.09
DJIA18041.54-190.48
Nasdaq5032.75-56.61
S&P 5002104.20-21.86
CDN Dollar0.8045+0.0004
Gold1187.40-16.90
Oil59.27+0.26
Lumber273.50-2.70
Natural Gas2.823+0.001

 
Okanagan Companies
Pacific Safety0.135-0.005
Knighthawk0.010.00
QHR Technologies Inc1.51+0.02
Cantex0.03-0.01
Anavex Life Sciences0.432+0.007
Metalex Ventures0.085+0.005
Russel Metals25.21-0.62
Copper Mountain Mining1.28-0.05
Colorado Resources0.105+0.005
ReliaBrand Inc0.008+0.003
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.15-0.02
Decisive Dividend Corporation1.96-0.24

 



26471

FEATURED Property
2142881#404 770 Rutland Rd.
2 bedrooms 2 baths
$224,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Cash stressed seniors

Photo: Thinkstock.comFor many Canadian homeowners, their house represents the biggest portion of their net worth. Now, increasing numbers of seniors are starting to recognize the hidden value of their...


Do or do not

Photo: Thinkstock.com“The optimist sees the rose and not its thorns; the pessimist stares at the thorns, oblivious of the rose.” - Kahlil Gibran Good planning is all about managing chan...


Penetrate the smokescreen

Photo: ContributedHas this ever happened to you? You’re in the middle of your second or third “good discussion” with a prospect. Everything’s going great. The prospect seems en...

_



25217

26363


Member of BC Press Council


25895