Philips, LG electronics, 4 others fined €1.47 billion for EU cartel

The biggest penalty, of €313.4 mn, was imposed on Philips, followed by LG Electronics with €295.6 mn
Comment E-mail Print Share
First Published: Wed, Dec 05 2012. 05 26 PM IST
Taiwanese firm Chunghwa Picture Tubes blew the whistle on the cartel and escaped a fine. Photo: AFP
Taiwanese firm Chunghwa Picture Tubes blew the whistle on the cartel and escaped a fine. Photo: AFP
Brussels: Philips, LG Electronics, Samsung SDI and three other firms were fined a record €1.47 billion ($1.92 billion) by EU antitrust regulators on Wednesday for fixing prices of TV cathode-ray tubes in two cartels lasting nearly a decade.
The biggest penalty, of €313.4 million, was imposed on Dutch-based Philips, followed by LG Electronics with €295.6 million.
The European Commission fined Panasonic Corp €157.5 million, Samsung SDI €150.8 million, Toshiba Corp. €28 million, and French company Technicolor €38.6 million .
Two Panasonic joint ventures were also fined. Taiwanese firm Chunghwa Picture Tubes blew the whistle on the cartel and escaped a fine.
“These cartels for cathode ray tubes are ‘textbook cartels’: they feature all the worst kinds of anticompetitive behaviour that are strictly forbidden to companies doing business in Europe,” EU Competition Commissioner Joaquin Almunia said in a statement.
He will hold a news conference on the case at 1130 GMT on Wednesday.
The Commission raided the companies in late 2007.
Comment E-mail Print Share
First Published: Wed, Dec 05 2012. 05 26 PM IST
More Topics: Philips | LG | Samsung SDI | EU cartel | fine |
blog comments powered by Disqus
  • Thu, Dec 18 2014. 01 13 AM
  • Wed, Dec 10 2014. 05 37 PM
Subscribe |  Contact Us  |  mint Code  |  Privacy policy  |  Terms of Use  |  Advertising  |  Mint Apps  |  About HT Media  |  Jobs
Contact Us
Copyright © 2014 HT Media All Rights Reserved