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EC fined LCD manufacturers for price fixing
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Thursday, December 16, 2010
The European Commission (EC) has fined six Asia-Pacific-based LCD panel makers nearly €649 million ($859 million) for operating a cartel, which it said harmed European buyers of television sets, computers, and other products that use LCDs.
Samsung Electronics and LG Display of Korea and Taiwanese companies AU Optronics, Chimei InnoLux, Chunghwa Picture Tubes, and HannStar Display are those named in the EC action. Samsung, however, received full immunity from fines under the EC's leniency program, as it was the first to provide information about the price-fixing cartel. Other fines were reduced for company cooperation. According to reports, LG Display and AU Optronics plan to appeal the fines.
"Foreign companies, like European ones, need to understand that if they want to do business in Europe they must play fair," said JoaquÃn Almunia, EC vice president in charge of competition policy, in a statement. "The companies concerned knew they were breaking competition rules and took steps to conceal their illegal behavior. The only understanding we will show is for those that come forward to denounce a cartel and help prove its existence."
According to the EC, the six companies agreed on prices, including price ranges and minimum prices, exchanged information on future production planning, capacity utilization, pricing, and other commercial conditions between October 2001 and February 2006. Monthly multilateral meetings and further bilateral meetings were held around 60 times over the period mainly in hotels in Taiwan for what the group called "the Crystal meetings," the EC said.
The EC said that the agreements had a direct impact on customers in the European Economic Area (EEA) because the vast majority of televisions, computer monitors, and notebooks incorporating those LCD panels and sold in the EEA come from Asia.
The EC reminded that any person or company affected by anticompetitive behavior in this case may bring the matter before the courts of the Member States and seek damages.
By: DocMemory
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