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South Korea's LG to appeal European fine of $796 million for price-fixing

Published on Dec 6, 2012 4:29 PM
 
A logo of LG is seen in front of the headquarters of LG Electronics in Seoul on October 24, 2012. LG Electronics vowed on Thursday to appeal against a European Commission fine of nearly 500 million euros (S$796 million) for price-fixing, calling the penalty unfair and discriminatory. PHOTO: AFP

SEOUL (AFP) - LG Electronics vowed on Thursday to appeal against a European Commission fine of nearly 500 million euros (S$796 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.

 
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