In a statement on its website today, Aisin Seiki Co Ltd (Aisin) has reported that it has entered into a plea agreement with the United States
14 Nov 2014 | 4520 Views | By Autocar Pro News Desk
In a statement on its website today, Aisin Seiki Co Ltd (Aisin) has reported that it has entered into a plea agreement with the United States Department of Justice (DOJ), agreeing to pay a fine of $35.8 million (approximately Rs 219.9 crore / 41 billion yen) based on charges that ...
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In a statement on its website today, Aisin Seiki Co Ltd (Aisin) has reported that it has entered into a plea agreement with the United States Department of Justice (DOJ), agreeing to pay a fine of $35.8 million (approximately Rs 219.9 crore / 41 billion yen) based on charges that Aisin violated the US Anti-trust law in connection with part of the sales of Variable Valve Timing (VVT) devices, an automotive engine component.
The Aisin Group says it has fully cooperated with the US DOJ's investigation, and after comprehensive consideration of the applicable laws and relevant facts, entered into the plea agreement as mentioned above.
Aisin regards the situation with the utmost seriousness and will devote every effort to restore the trust by taking comprehensive measures to prevent recurrence, including the implementation of an even more stringent business audit system and enhanced training on compliance with relevant rules and regulations, including competition law.
Considering the seriousness of the effect this matter may have to the company, and to demonstrate the commitment to prevent the recurrence, Aisin's Representative Directors and certain board members and executive officers will voluntarily forfeit between 30 percent and 10 percent of their earnings over a period of three months, depending on their positions.