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EU fines screen cartel

EU fines screen cartel

09/12/10 17:14 CET

economy

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The EU’s competition commissioner has fined five South Korean and Taiwanese electronics firms 649 million euros for price fixing.

The companies held monthly meetings to agree prices of LCD flat screens for TVs and computers and exchanged other information.

South Korea’s Samsung Electronics was also involved but was not fined because it blew the whistle on the cartel.

The companies that have to pay up are Taiwan’s AU Optronics, Chimei InnoLux Corporation, Chunghwa Picture Tubes and HannStar Display Corporation and South Korean firm LG Display. Several indicated that they could appeal.

“Foreign companies, like European ones, need to understand that if they want to do business in Europe they must play fair,” European competition commissioner Joaquin Almunia said in a statement.

“The companies concerned knew they were breaking competition rules and took steps to conceal their illegal behaviour,” he said.

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