South Korea's LG Display said Thursday it may implore on procedural grounds a gargantuan European Union champion for figure fixing even as it acknowledged it had violated striving proposition over several years. The EU struggle watchdog fined LG Display and four Taiwanese manufacturers euro649 million ($863 million) on Wednesday for fixing prices on LCD panels between 2001 and 2006. One of the Taiwanese companies has already said it will problem the ruling. A sixth LCD maker, South Korea's Samsung Electronics Co., also participated in the bonus fixing but escaped a exquisite because it blew the whistle on the cartel, the European Commission said.
"LG Display acknowledges the wrongful acts of the since and respects the European Commission's regulatory judge in this regard," the visitor said in a statement. The institution was fined euro215 million. Seoul-based LG Display Co., the world's second-biggest maker of runny crystal displays after Samsung said that it may plead the purposefulness "if it finds there were procedural or substantive due prepare issues with the investigation.
" The fines targeted price-fixing for LCD panels in use in unrealistic screens for televisions, computer monitors and electronic notebooks. Between Oct. 2001 and Feb. 2006, the companies met about 60 times, mostly in Taiwanese hotels, for what they called "the Crystal meetings," the Commission said.
In totalling to fixing prices, they also exchanged low-down on their tomorrow handiwork plans and other partnership plans, it said. The cartel laid hold of LCD panel sales benefit about euro7 billion in the European market, Competition Commissioner Joaquin Almunia said, and the cartel's striking on consumers was compelling because most televisions and computers sold in the domain come from Asia. LG Display said that the EU appeals transform usually takes more than two years and that the ultimate magnitude of the keen-edged can novelty and even be "significantly reduced." The throng said that it "has entranced sweeping measures to evade reprise of such mistakes and reaffirms its commitment to highest good standards and transparency in the company's management." In Taiwan, a spokeswoman for AU Optronics Corp. said the cast would charm the euro116.8 million dainty levied against it.
The three other Taiwanese firms cited in the EU judgment - Chimei InnoLux Corp., Chunghwa Picture Tubes Ltd. and HannStar Display Corp. - did not rejoin directly to a ask for for comment. Chimei received the biggest fine, euro300 million, while Chunghwa and HannStar were fined euro9 million and euro8.1 million, respectively.
LG Display and its LG Display America Inc. segment agreed in November 2008 to atone a $400 million skilful imposed by the U.S. Justice Department in an antitrust review of the LCD application in the United States covering a price-fixing scheme from 2001 to 2006. --- Associated Press penny-a-liner Peter Enav in Taipei, Taiwan contributed to this report.
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