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LG, Sharp, Chunghwa fined 585 mln dlrs for price-fixing
2008-11-12
WASHINGTON (AFP) - The US Department of Justice imposed fines totalling 585 million dollars on three leading Asian electronics manufacturers on Wednesday after they agreed to plead guilty to price-fixing. LG Display Co. Ltd., Sharp Corp. and Chunghwa Picture Tubes Ltd. had acknowledged their roles in conspiracies to fix prices of liquid crystal display (LCD) panels, the department said in a statement. South Korea's LG Display, formerly known as LG Philips LCD Co. Ltd., was hit with the largest fine -- 400 million dollars -- the second-highest criminal fine ever imposed by the Justice Department's Antitrust Division. Japan's Sharp will pay a fine of 120 million dollars while Taiwan's Chunghwa will pay a fine of 65 million dollars, the department said. The firms agreed to plead guilty to charges filed in US District Court in San Francisco and cooperate with the ongoing antitrust investigation, the department said, indicating that further charges could be forthcoming. The department said the guilty pleas were subject to court approval. LCD panels are used in computer monitors, televisions, mobile phones and other electronic devices and the price-fixing had an impact on computer, television and mobile telephone manufacturers such as Apple, Dell and Motorola, the department said. "Today's charges and criminal fines emphasize the commitment of the Department of Justice to crack down on international cartels," said Attorney General Michael Mukasey. Assistant Attorney General Thomas Barnett said the price-fixing "affected millions of American consumers who use computers, cell phones and numerous other household electronics every day. "These convictions, and the significant fines they carry, should send a clear message that the Antitrust Division will vigorously investigate and prosecute illegal cartels, regardless of where they are located," he added. According to officials, LG Display engaged in price-fixing between 2001 and 2006 involving LCD panels sold worldwide. It said Sharp was involved in price-fixing during the same period for LCDs sold to Dell for its computer monitors and laptops, Motorola for its Razr mobile phones, and Apple for its iPod portable music player. Chunghwa was accused of fixing the prices of LCD panels sold worldwide from 2001 to 2006. The companies held meetings and exchanged information to reach agreement on price quotations, the Justice Department said. The criminal fine levied on LG Display is the second-largest after the record antitrust fine of 500 million dollars handed down against Swiss pharmaceutical giant F. Hoffmann-La Roche Ltd. in 1999 for fixing vitamin prices, the Justice Department said.
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