Toyo fined for bid rigging

Toyo fined for bid rigging

Toyo Tire & Rubber Co. pleaded guilty to three counts of bid rigging under Canada’s Competition Act and was fined $1.7 million. According to the case, Toyo participated in a bid-rigging conspiracy related to the supply of anti-vibration components to Toyota Motor Corp.

 

Between June 2004 and August 2006, Toyo engaged in secret agreements with other suppliers of anti-vibration components in response to requests for quotes issued by Toyota, according to the Canadian Competition Bureau’s investigation.

“The Competition Bureau’s investigation into potential bid-rigging and price-fixing in the supply of motor vehicle components continues. We are committed to vigorously enforcing the criminal cartel provisions of the Competition Act against those who engage in anti-competitive conduct, including both businesses and individuals. Cracking down on cartels has been and continues to be a top priority for the Bureau,” said Stéphane Hould, associate deputy commissioner of competition.

So far the Competition Bureau’s investigations involving motor vehicle components has resulted in eight guilty pleas and more than $58 million in fines.

     

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