Akira Wada, Price Fixing, Ohio 2023
A former executive of a Japanese manufacturer of automotive parts has been indicted for his role in a conspiracy to fix prices of pinion-assist type electric powered steering assemblies.
A Cincinnati federal grand jury returned a one-count indictment against Akira Wada, a former executive of Showa Corporation, for his participation in a conspiracy to allocate markets and fix prices of pinion-assist type electric powered steering assemblies sold to Honda in the United States and elsewhere.
The indictment, filed June 6, 2023, in the U.S. District Court for the Southern District of Ohio charges Wada with participating in a conspiracy to suppress and eliminate competition in the automotive parts industry by agreeing to allocate markets, and to fix, stabilize, and maintain the prices of pinion-assist type electric powered steering assemblies.
Wada was the Manager and then General Manager of Sales Department 1 at Showa from at least as early as 2003 until at least June 2009. In 2013 Wada became a Director and Operating Officer of Showa.
“Yesterday’s indictment again demonstrates that antitrust violations are not just corporate offenses but also crimes by individuals,” said Bill Baer, Assistant Attorney General for the Antitrust Division.
The indictment alleges, among other things, that from at least as early as 2007 and continuing until at least September 2012, Wada and his co-conspirators participated in meetings, conversations, and communications to discuss the market allocation scheme and price quotations to be submitted to Honda in the United States and elsewhere.
Akira Wada is charged with market allocation and price fixing in violation of the Sherman Act, which carries a maximum penalty of 10 years in prison and a $1 million criminal fine for individuals. The maximum fine for an individual may be increased to twice the gain derived from the crime or twice the loss suffered by the victims of the crime, if either of those amounts is greater than the statutory maximum fine.
Wada is currently in a pending case and no sentencing date has been given yet.
Key Facts
- State: Ohio
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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