Automotive part executive set to plead guilty

(File) (David McNew/Getty Images)
(File) (David McNew/Getty Images)
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Updated: 7/05 12:04 pm

COVINGTON, Ky. (AP) — An executive with G.S. Electech is scheduled for arraignment, and to plead guilty to conspiracy to rig bids and fix prices for automobile antilock brake parts installed in American cars.

U.S. District Judge David Bunning in Covington, Kentucky, on Wednesday will oversee the hearing for Shingo Okuda, who is accused of agreeing to coordinate bids and fix prices of automotive parts submitted to Toyota.

According to an indictment, Okuda's involvement in the conspiracy lasted from at least as early as January 2003 until at least February 2010.

In May 2012, G.S. Electech Inc. pleaded guilty and was sentenced to pay a $2.75 million criminal fine for its role in the conspiracy.

G.S. Electech Inc. makes, assembles and sells a variety of automotive electrical parts, including speed sensor wire assemblies.

 

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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