A PYMNTS Company

South Korea: Continental pleads guilty to car parts bid-rigging

By  |  November 25, 2014

South Korean car parts manufacturers Continental Automotive Electronics and Continental Automotive Korea have pleaded guilty to rigging bids for various car parts sold in the US, say reports. The guilty pleas are just the latest in a long string of crackdowns of car parts market manipulation, a case led by the US Department of Justice.

The DOJ announced Monday that the units of Continental have agreed to pay a $4 million fine.

The authority added that the car parts affected were sold to Hyundai Motor and Kia Motors. The bid-rigging took place between 2004 and 2012, the DOJ said.

The pleas bring the number of companies that have admitted guilt in the global scheme to 32. A total of 46 individuals have also pleaded guilty to taking part in the conspiracy.

Full content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.