Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

S.Korea's LG to appeal European fine for price-fixing  Join our daily free Newsletter

MENAFN - AFP - 06/12/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - AFP) LG Electronics vowed on Thursday to appeal against a European Commission fine of nearly 500 million euros (653 million) for price-fixing, calling the penalty unfair and discriminatory.

The Commission imposed on Wednesday a record fine of 1.5 billion euros on seven top TV and computer screen makers including South Korean electronics giants LG and Samsung SDI for running decade-long price-fixing cartels.

Other companies involved in the scheme are Chunghwa of Taiwan, Philips of the Netherlands, Japan's Panasonic and Toshiba, and Technicolor, formerly Thomson, of France.

"For almost 10 years, between 1996 and 2006, these companies fixed prices, shared markets, allocated customers between themselves and restricted their output," the Commission said in a statement on Wednesday.

It said there were two cartels -- one for television and another for computer screens -- that carried out the "most harmful anti-competitive practices" involving the supply and pricing of cathode ray tube monitors.

LG was fined 491.5 million euros after the Commission held the company liable for not only its own actions but also those of the now-defunct joint venture it established with Royal Philips Electronics.

LG claimed LG Philips Display, formed in 2001, operated independently until its bankruptcy in 2006 and LG should therefore not be held for its management decisions.

"LG Electronics is currently reviewing the European Commission's decision with the intention to appeal the decision," the company said in a statement.

It argued that anti-trust authorities in South Korea, Japan, the United States, Canada and the Czech Republic had all concluded that LG Electronics was not liable for the conduct of LG Philips.

"LG Electronics fails to understand why the... Commission, which publicly values convergence of competition law enforcement, has taken a wholly different approach," John Kwon, LG's executive vice president, said in the statement.

LG also said the size of the fine was unfairly based on the company's entire output of TV and PC monitors, instead of just cathode ray tube monitors.

"LG Electronics objects to this approach as there is no evidence that such sales (of other products) were affected by the alleged infringement investigated by the Commission," said the statement.

"We admit that we took part in some price-fixing activities until LG Philips was established in 2001 but the Commission's probe, which began in 2007, is time-barred for actions that took place before 2002," a spokesman for LG told AFP.

LG also argued that the fines had been imposed in a "discriminatory" fashion.

Chunghwa was granted complete immunity and not fined as it disclosed the cartel to regulators. Samsung was fined 150.8 million euros to be cut by 40 percent for cooperating in the probe.

Philips also had its fine of 500 million euros slashed by 30 percent.


 






  MENA News Headlines
Apr 23 2014Kowait- Parliament refuses to lift MP immunity ,Arab Times
(MENAFN - Arab Times) Kuwait april 3 (kuna): the national assembly committee on legislative and legal affairs has turned down a request from the public prosecution on wednesday to lift the immunity ...

Apr 23 2014Kowait: 5938 illegal residents said 'rectified' status ,Arab Times
(MENAFN - Arab Times) Kuwait city april 5 (kuna): up to 5 938 illegal residents have modified their status since formation of the central agency for remedying illegal residents' status in 2011 ...

Apr 23 2014Kowait- 'All must join hands to save youth from strife' ,Arab Times
(MENAFN - Arab Times)  kuwait city april 9 (kuna): minister of information and minister of state for youth affairs sheikh salman al-sabah said tuesday the youth ministry has completed a study ...

Apr 23 2014Kowait- 'Probe delay in Jaber Stadium construction' ,Arab Times
(MENAFN - Arab Times) Kuwait city april 7 (kuna): the cabinet has asked its fatwa and legislation department to take necessary legal procedures to send a report on negligence and remissness that ...

Apr 23 2014Kowait- MoH boosts efforts to curb obesity rate ,Arab Times
(MENAFN - Arab Times)  kuwait city feb 3 (kuna): director of the health well-being division of the ministry of health dr abeer al- baho affirmed sunday that the ministry scaled up the efforts ...

Apr 23 2014Kowait- Men women's brains wired differently ,Arab Times
(MENAFN - Arab Times) Washington dec 23 (afp): women aren't very good at reading maps and men are incapable of multi-tasking. at first glance they might seem like a couple of hoary old stereotypes ...

Apr 23 2014UAE- Local international companies come out in force ,Khaleej Times
(MENAFN - Khaleej Times) Cityscape abu dhabi has started showing stronger interest from property developers who have showcased their upcoming projects. the three-day realty show was opened by ...

Apr 23 2014Kowait- Police deportation powers curbed ,Arab Times
(MENAFN - Arab Times) Kuwait city april 3 (afp): kuwaiti police will no longer be able to deport expatriates without interior ministry approval under new rules published thursday after officers ...

Apr 23 2014UAE- ADCB NIC in Dh950 million deal ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi commercial bank or adcb this week inked a dh950 million term facility to provide national investment corporation or nic the developer of the breakwater area in ...

Apr 23 2014Kowait- Amiri Diwan urges all off tape case ,Arab Times
(MENAFN - Arab Times)  kuwait city april 9 (agencies): the amiri diwan has called on everybody to steer clear of the controversial tape issue and let the public prosecution take the necessary ...

Apr 23 2014Galadari Automobiles unveils all-new 2015 Mazda3 in UAE ,Khaleej Times
(MENAFN - Khaleej Times) The all-new mazda3 was unveiled to the world at events held simultaneously in five cities where the consensus was loud and clear: ?mazda has done it again!? galadari ...

Apr 23 2014Kowait- Rationalization of water use in focus ,Arab Times
(MENAFN - Arab Times) Kuwait city april 7 (kuna): under the patronage of minister of electricity and water abdulaziz al-ibrahim kuwait environment protection society (keps) organized monday a ...

Apr 23 2014UAE- Cassation Court upholds' drug dealer's life term ,Khaleej Times
(MENAFN - Khaleej Times) The abu dhabi court of cassation on monday upheld the life sentence awarded to a gcc national for drug smuggling and trafficking. the court also upheld his one-year ...

Apr 23 2014Breaking an egg ... for charity in Abu Dhabi ,Khaleej Times
(MENAFN - Khaleej Times) The campaign which runs till the end of april features a live exhibition to the public and a private auction of the life-sized eggs. shaikh nahyan bin mubarak al nahyan ...

Apr 23 2014Emirates NBD opens branch at Wafi Mall ,Khaleej Times
(MENAFN - Khaleej Times) Emirates nbd on tuesday announced the opening of its new branch at wafi mall which is in line with the bank?s strategy to focus on customer centricity and convenient ...

Apr 23 2014Kuwait- Five individuals tested negative for Coronavirus ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Health Authority of Abu Dhabi (HAAD) announced here on Tuesday that five more of the individuals who were in isolation in hospital with MERS Coronavirus ...

Apr 23 2014Jordan complains to UNSC about Israeli "alarming" developments in Al-Aqsa compound ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Jordan on Tuesday complained to the Security Council about the unhindered incursions into the Haram Al-Sharif compound by Israeli settlers and extremists, under ...

Apr 23 2014Kowait- New hospital to be ready by 2014 end ,Arab Times
(MENAFN - Arab Times) Kuwait city jan 14 (kuna): director of the 'mega projects 3' group at kuwait oil company (koc) yaqoub dashti said on tuesday that the new ahmadi hospital would be ready to ...

Apr 23 2014UAE- Dewa and GE explore collaboration opportunities ,Khaleej Times
(MENAFN - Khaleej Times) Saeed mohammed al tayer managing director and chief executive officer of the dubai electricity and water authority (dewa) recently received a ge delegation to explore ...

Apr 23 2014UAE- Sale of Gate Towers penthouses launched ,Khaleej Times
(MENAFN - Khaleej Times) Aldar properties has launched the sale of 21 exclusive duplex penthouse apartments at gate towers the penthouse collection in shams abu dhabi on al reem island. one of ...

more...


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help