U.S. says Taiwan exec pleads guilty to price-fixing

Reuters News
Posted: Feb 24, 2012 6:08 PM
U.S. says Taiwan exec pleads guilty to price-fixing

WASHINGTON (Reuters) - The former chairman of a Taiwan's Depo Auto Parts Industrial Co Ltd has agreed to plead guilty to fixing the prices of some spare auto parts, the U.S. Justice Department said on Friday.

Shiu-Min Hsu also agreed to cooperate in the Justice Department's investigation into price-fixing for after-market auto lights between 2000 and 2008, the department said.

A Depo subsidiary, Maxzone Vehicle Lighting Corp, previously agreed to plead guilty to a price-fixing conspiracy and to pay $43 million in fines. A former Maxzone president was sentenced to 180 days in prison.

Another company, Sabry Lee Inc pleaded guilty and agreed to pay a fine of $200,000 in August. One of its executives agreed to plead guilty, and will be sentenced in October.

A third company, Eagle Eyes Traffic Industrial Co, and two of its top executives have been charged with price fixing and are awaiting trial.

(Reporting By Diane Bartz; Editing by Tim Dobbyn)