February 20, 2014 / 9:25 PM / 3 years ago

Panasonic fined C$4.7 million in Canada for auto parts bid-rigging

1 Min Read

A shopper walks past a Panasonic Corp logo at an electronics retail store in Tokyo February 3, 2014.Yuya Shino

TORONTO (Reuters) - Panasonic Corp (6752.T) has been fined C$4.7 million ($4.25 million) for rigging bids to supply equipment for Toyota Motor Corp (7203.T) cars made in Canada, the country's Competition Bureau said on Thursday.

Panasonic pleaded guilty to two counts of bid-rigging under the Competition Act and was fined by Ontario courts.

Evidence showed Panasonic conspired with another Japanese parts manufacturer on which company would win bids to supply certain switches and sensors to Toyota Motor Manufacturing Canada Inc, a unit of the Japanese auto maker, the Competition Bureau said.

The parts were supplied to Toyota in Canada for 2008 models of the Corolla, Matrix, and RAV4, and for the 2009 model of the Lexus RX 350,the bureau added.

The competition bureau's investigation began more than four years ago as part of a major international probe into auto component supplies.

($1=$1.11 Canadian)

Reporting by Solarina Ho; Editing by Peter Galloway

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