US fine Japanese auto suppliers for procurement fraud

Two Japanese auto parts suppliers will pay more than half a billion US dollars for procurement fraud in the US automotive market.

Yazaki Corporation and Denso Corporation agreed to plead guilty and to pay $US548 million ($A516.32 million) in criminal fines for their involvement in the price-fixing and bid-rigging scheme, the department said.

Yazaki will pay $US470 million ($A442.83 million), the second-largest US criminal antitrust fine in history, and Denso will pay $US78 million ($A73.49 million).

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