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A record $46 million penalty against a Japanese car parts company for collusion will stand after the High Court rejected a special leave application.

The Federal Court in May raised Yazaki Corporation’s penalty from the $10 million imposed last year to $46 million for its behaviour in coordinating quotes to supply wire harnesses for Toyota Camrys made in Australia.

The penalties were the highest ever imposed under Australian competition and consumer law.

Yazaki sought special leave from the High Court to appeal against the decision.

But the High Court on Friday decided not to hear the appeal.

‘Only substantial penalties for breaches of competition laws, such as these penalties imposed on Yazaki, send the message to large corporations that this kind of behaviour is unacceptable and against the law,’ Australian Competition and Consumer Commission chair Rod Sims said in a statement on Friday.