Hitachi Agrees to Pay $31 Million Fine for Conspiracy

0 comment
7,327 views

Hitachi Displays Ltd., a Japanese electronics giant, admitted to be involved in a conspiracy with other electronic companies to fix the prices of Liquid Crystal Panel (LCD). Meanwhile, the US Justice Department warned other multinational firms to follow the antitrust law or they will face consequences and penalties from the law.

Hitachi Displays Ltc., a Japanese electronic giant, admitted having conspiracy with three multinational firms and agreed to pay $31 million fine for involvement in price-fixing of LCD, according to US Justice Department.

In a statement, Justice Department acting assistant attorney general Scott Hammond said the case against Hitachi is a clear sign that foreign multinational firms should follow the US anti-trust law or else they will face penalties and other consequences.

According to the agency, Hitachi pleaded guilty for fixing prices of LCD to computer maker Dell Inc. which is an American firm. In April 2001 to March 2004, the Japanese firm fixed the prices of the said product to Dell.

In line with the case, the US Department also charged Sharp Corp. also a Japanese firm, Taiwanese company Chunghwa Picture Tubes Ltd., and Korean electronic maker LG Display Co. Ltd. with conspiracy of price-fixing and imposed $585 million fine for these foreign companies.

Sharp and LG Display have already agreed to pay $120 million and $400 million fine respectively, according to the agency.

Meanwhile, the US Department charged seven executives from the said Asian companies with conspiracy, with four of them pleading guilty and has been sentenced to serve six to nine months in jail.

<< The Car Maker Giant Further Reduces Workforce

IBM to Layoff 5000 Workers >>

Hitachi Agrees to Pay $31 Million Fine for Conspiracy

Comment

Categories

Popular News