March 3, 2020 / 4:40 PM / a month ago

Former auto parts executive extradited, sentenced in U.S. for bid-rigging

WASHINGTON (Reuters) - A former executive for auto parts maker Continental Automotive Korea Ltd has been extradited to the United States, where he pleaded guilty to rigging bids for auto parts and was sentenced to nine months in prison, the Justice Department said on Tuesday.

Eun Soo Kim, a South Korean national, was extradited from Germany last month and pleaded guilty on Monday to bid-rigging, the department said. He was given credit for the time he was detained and ordered to pay a $130,000 criminal fine, the department said.

Kim had been accused of antitrust charges related to car instrument panel clusters, the department said.

In 2014, Continental Automotive Electronics LLC and Continental Automotive Korea Ltd agreed to plead guilty to rigging bids for parts sold to carmakers and to pay a $4 million fine.

At the time, the department said the devices were sold to Hyundai Motor Co (005380.KS) and Kia Motors Corp (000270.KS).

The Justice Department’s long-running probe of the auto parts industry has led to charges against more than 100 companies and executives, with 32 people sentenced to prison, it said.

Reporting by Diane Bartz; Editing by Dan Grebler

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below