We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
78,797 News Articles

Display makers fined over price-fixing cartel

LG and others fined by European Commission

The European Commission has found Asian flat-screen panel makers guilty of forming a cartel and fined them for breaching competition law.

Five LCD panel makers were fined a total of nearly €649 million, but Samsung, which was also cited as part of the price-fixing ring, was let off without fiscal punishment as it tipped off the Commission about the cartel.

The companies, LG Display, AU Optronics, Chimei InnoLux, Chunghwa Picture Tubes and HannStar Display, are all based outside the European Union, but the cartel is believed to have fixed the prices of goods sold in the EU in the four years up to 2006.

Chimei InnoLux received the largest fine of €300 million. LG Display was fined €215 million. The fines are based upon the value of the affected sales over the duration of the cartel, said Competition Commissioner Joaquín Almunia.

According to the Commission, the cartel was extremely well-organised, with the companies meeting around 60 times in what they called the "Crystal Meetings". All of these discussions were deemed illegal under EU competition rules. "Foreign companies, like European ones, need to understand that if they want to do business in Europe they must play fair. The companies concerned knew they were breaking competition rules and took steps to conceal their illegal behaviour," said Almunia.


IDG UK Sites

5 things we want to see in Android M: New features and fixes

IDG UK Sites

iPad mini 3 release date rumours: 'iPad mini Air' will be 30 percent thinner than current model

IDG UK Sites

Introducing generation tech

IDG UK Sites

This animated film reveals the importance of designing for everyone