Saturday May 26, 2012

JAPAN NEWS AND DISCUSSION

Auto parts firm execs to forgo pay after $200 mil price fixing fine

Crime Sep. 30, 2011 - 02:45PM JST ( 22 )

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22 Comments

0

NetNinjaSep. 30, 2011 - 08:23AM JST

Finally. Stick it to these guys. Bridgestone / Firestone and now this company. Dirty lowdown price fixing.

I hope they collect every dime and asset they have.
0

naruhodo1Sep. 30, 2011 - 08:37AM JST

Now, thats unfair netninja. What do you think the term monopoly and oligapoly mean? Legal way to fix prices. U wanna destroy lives because of this. Perfect sentence by the judge. Perfect fine.
1

ExRandSep. 30, 2011 - 08:40AM JST

Wow, they got jail time! Nice to see this as exec's rarely spend time in jail. I hope they are added to the regular population, and not some cushy farm. Don't bend over for the soap.
0

rdinero35Sep. 30, 2011 - 08:50AM JST

200 Million dollars fine and improsonment of Japanese...? Thats awesome. I am glad judges took so bold decision agaist cartel operating from Y2000.

This type of daring decisions can be taken only in USA. I admire US for their guts. That tthere are still some judges left who are fair. Can any even imagine this happenning is Japanese or other countries? In my 15 years experience in Japan I have yet to come across single decision against businesses involved in price rigging. Here every product and every business is so much involved in working in groups to rig the prices that there is no real competition. Its now open that the judges in Japan have been brought up in that evnvironment and think its fair to work in groups and ignore the price rigging acts. Do the judges or lawyers get some kind of global training to know whats happenning in other countries? As companies get global even the judicialy system needs to change.

Now I see why everything in Japan is so expensive. The same thing in other countries is lot cheaper.

It also makes me wonder if there is correlation between the price rigging and Japanese companies. So any company who wants to partner with Japanese companies have to hint existence of cartel in the sales pitch which will influenve the decsions of Japanese companies. If it works or not I am going to try.

Rob
0

paulinusaSep. 30, 2011 - 09:01AM JST

"Now I see why everything in Japan is so expensive. The same thing in other countries is lot cheaper."

Rob: What turns my head is seeing Japanese products (exact models) over the years(regardless of exchange rate) selling for less in New York than in Japan.
0

smithinjapanSep. 30, 2011 - 09:01AM JST

I'm glad that on top of the fine some of the execs involved in the bid-rigging will see prison cells. It could easily have been just a fine and the guilty plea, and probably would have been if it were in Japan (or else a prison sentence 'suspended').

Keep cracking down on these companies! I just hope they're being fair and targeting any and ALL companies, national and international, and not just the Japanese.
-5

Elbuda MexicanoSep. 30, 2011 - 09:01AM JST

So happy!!! Justice at last! I can't wait for Toyota to also be brought to justice too!!!!!
0

Jared NormanSep. 30, 2011 - 09:03AM JST

who's next, I'm guessing toyyota or honda
0

GWSep. 30, 2011 - 10:21AM JST

As I & many others here have said corruption in Japan has long ago been institutionalized, most Japanese cant even see it they have been paying for it for so long, thats why value for $$ is usallu very low in Japan, look at the crappy housing most endure but the costs are obscene for what you get, its eveywhere folks we PAY for it everyday here.

Hey lets wait for J-courts to pick up on these & the other story with the the cartel freight companies that also got busted! Oh wait silly me, all this is ok in Japan
0

cactusJackSep. 30, 2011 - 10:38AM JST

A slap on the wrist. Now go back out and play nice, kids.
2

overchanSep. 30, 2011 - 11:44AM JST

Toyota and Honda won't be brought to justice cause they compete with each other with price. In auto parts there's a difference. But it would be better to bring Hyundai to justice for making me waste 4 years paying for that pile of garbage in 4 wheel that i bought back in 2001
2

CrazyJoeSep. 30, 2011 - 12:16PM JST

”will serve prison time in the U.S ranging from a year and a day to 18 months”　What is this "a year and a day" crap? Why the verbal diarrhea for? Why not a year to 18 months?
0

anglootakuSep. 30, 2011 - 12:17PM JST

Quite clever though if information hadn't been leaked it would have continued for years to come.
1

borschtSep. 30, 2011 - 12:41PM JST

Such severe penalties are also rare in Japan for price-fixing.

I think the writer meant to write:

Such severe penalties are non-existent in Japan for corporate crime.

I have a feeling that the penalty in Japan would be a suspended sentence and a 'heart-felt' apology.

Also the headline is misleading. They aren't forgoing their pay. They're forgoing a certain percentage (25 - 50%) for three months. I'm sure their reduced pay is still higher than your average salariman, though.
0

CrazyJoeSep. 30, 2011 - 01:12PM JST

In FY2009 alone the Fair Trade Commission fined companies a total of 36 billion yen in fines (surcharges) to 106 parties (companies) involved for price- fixing cartels and bid- rigging. Unless the FTC refers papers to prosecutors, there are no trials so no prison sentences (most likely suspended)are handed out.
-1

Elbuda MexicanoSep. 30, 2011 - 01:53PM JST

Geez! Somebody here is really against justice?? What is up with the minus 4 thumb downs?? Is somebody here really sad for these big, rich arrogant companies that plan behind closed doors how to screw us for every last penny?? You now, just wondering.
-2

RecklessSep. 30, 2011 - 04:08PM JST

I think the "don't drop the soap" comment above is uncalled for. Some guys like that sort of thing.
1

Tamesu SanSep. 30, 2011 - 04:25PM JST

Excellent point!!!...smithinjapanSep. 30, 2011 - 09:01AM JST

I'm glad that on top of the fine some of the execs involved in the bid-rigging will see prison cells. It could easily have been just a fine and the guilty plea, and probably would have been if it were in Japan (or else a prison sentence 'suspended').

Keep cracking down on these companies! I just hope they're being fair and targeting any and ALL companies, national and international, and not just the Japanese.

You should have seen what the US news and some US citizens and US lawyers said...they basically said they will not tolerate such criminal type of corp behavior from them...and will start to push for "removal of their licenses to operate in the US if necessary".... Finally the US Justice system is starting to wake up to them!...
1

RecklessSep. 30, 2011 - 04:35PM JST

Not sure it makes sense to put these guys in jail when the bankers who caused Lehman shock, etc. are still smoking Cuban cigars and living the big life scot free.
0

Alex80Sep. 30, 2011 - 09:03PM JST

This type of daring decisions can be taken only in USA. I admire US for their guts. That tthere are still some judges left who are fair.

You are talking about the same system that, some days ago, killed a man without being sure about his guiltiness. Yup, it's really a great system. <_<
0

ThonTaddeoSep. 30, 2011 - 11:49PM JST

”will serve prison time in the U.S ranging from a year and a day to 18 months”　What is this "a year and a day" crap? Why the verbal diarrhea for? Why not a year to 18 months?

Sometimes prison terms of "a year and a day" are given because sentences of up to and including one year are served a local jail, as opposed to terms of more than a year which are in state/federal prison. It could have been phrased "more than one year and up to 18 months", but the point is that it has to be more than, not exactly, one year.
0

Elbuda MexicanoSep. 30, 2011 - 11:58PM JST

Somebody here must work for Toyota or some of these evil Japanese car companies, because I am sure getting a lot of thumbs pointing down, ouch!