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Japan's Taisei Corp raided by prosecutors over alleged antitrust violations

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Japan's Taisei Corp raided by prosecutors over alleged antitrust violations

Japan's Taisei Corp raided by prosecutors over alleged antitrust violations
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TOKYO (Reuters) – Tokyo prosecutors raided the headquarters of Japan’s Taisei Corp <1801.T> on Wednesday over alleged antitrust violations linked to $80 billion worth of magnetic levitation (maglev) train line projects, a company spokesman said.

Shares in Taisei, one of the so-called “big four” group of Japanese construction firms involved in the maglev project, fell as much as 5 percent on reports of the raid.

Peers Shimizu Corp <1803.T> and Kajima Corp <1812.T> were raided on Monday also on suspicion of antitrust breaches related to the projects. Obayashi Corp <1802.T> is already under investigation for suspected bid-rigging over maglev-related contracts.

(Reporting by Thomas Wilson and Makiko Yamazaki; Editing by Stephen Coates)

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