Matsuo Electric, executive to plead guilty to price fixing in U.S.

Reuters News
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Posted: Feb 08, 2017 4:46 PM

WASHINGTON (Reuters) - Matsuo Electric Co Ltd and one executive have agreed to plead guilty to fixing prices and rigging bids for electrolytic capacitors, which regulate current in a broad range of electronics, the U.S. Justice Department said on Wednesday.

Under the terms of the plea agreement, the company will pay a criminal fine, which was not disclosed, and executive Satoshi Okubo will serve a 366-day prison sentence, the department said.

The Justice Department alleged that Matsuo was involved in the price-setting conspiracy from late 2001 to early 2014 while Okubo was involved from mid-2002 to early 2014.

Matsuo could not immediately be contacted for comment.

The company is the fifth to plead guilty to price fixing of electrolytic capacitors. Hitachi Chemical pleaded guilty to price fixing in April 2016. Rubycon Corp, Elna Co Ltd and Holy Stone Holdings Co Ltd said in August 2016 that they would also plead guilty to fixing the prices of the devices.

(Reporting by Diane Bartz; Editing by Sandra Maler)