It appears you have not yet registered with our community. To register please click here...

Go Back [M] > Madshrimps > WebNews
AU Optronics fined for price fixing AU Optronics fined for price fixing
FAQ Members List Calendar Search Today's Posts Mark Forums Read

AU Optronics fined for price fixing
Thread Tools
Old 24th September 2012, 06:51   #1
[M] Reviewer
Stefan Mileschin's Avatar
Join Date: May 2010
Location: Romania
Posts: 137,386
Stefan Mileschin Freshly Registered
Default AU Optronics fined for price fixing

AU Optronics has been fined $500 million by a US judge for price fixing in the market for liquid crystal display panels.

US District Judge Susan Illston in San Francisco also handed down three-year prison sentences to two individual defendants involved in the case.

A jury had convicted the company and two AU executives, Hsuan-Bin Chen, 60, and Hui Hsiung, 58, in March. Former AU Chief Executive L.J. Chen, who remains a top executive at the company, was cleared.

According to Reuters, the company's shares jumped as much as five percent after investors breathed a sigh of relief that the fine wasn't larger.

AU was charged as part of an investigation into an alleged price-fixing cartel between 1999 and 2006.

Prosecutors had accused company executives of meeting more than 60 times at luxury hotels to fix prices of LCD panels. They claimed that the conspiracy cost the US economy billions of dollars.

AU has said it would appeal its conviction as it insisted that the company "competed fiercely" and that the exchange of information between companies was not illegal.

Even if it was, AU argued it should be fined no more than $285 million while US antitrust prosecutors called for a $1 billion fine.

Rival LG Electronics agreed to pay a $400 million fine in 2008, while Samsung cut an early deal to avoid prosecution.

AU was the sole Asian LCD maker to plead not guilty

LG Electronics had been fined $400 million because it gave the prosecution a lot of evidence to nail the others, prosecutors pointed out.

The judge put the company on probation for three years including implementation of a compliance and ethics program. The company was ordered to pay the fine over three years.

Chen and Hsiung were sentenced to three years in prison for making "poor choices and bad judgement".
Stefan Mileschin is offline   Reply With Quote

Similar Threads
Thread Thread Starter Forum Replies Last Post
Taiwan Company Fined $500M for LCD Price Fixing Stefan Mileschin WebNews 0 21st September 2012 07:12
LCD panel makers pay out on price fixing Stefan Mileschin WebNews 0 13th July 2012 07:38
Toshiba hit by price fixing cash Stefan Mileschin WebNews 0 5th July 2012 06:25
E-book price fixing trial set for 2013 Stefan Mileschin WebNews 0 25th June 2012 07:55
Hitachi exec pays up for price fixing Stefan Mileschin WebNews 0 2nd May 2012 08:18
Samsung, LG and Pantech, among others, fined $40 million in Korean price fixing scam Stefan Mileschin WebNews 0 16th March 2012 06:40
LCD Makers Settle Price-Fixing Case Stefan Mileschin WebNews 0 29th December 2011 10:00
Elpida Guilty of DRAM Price Fixing jmke WebNews 1 31st January 2006 17:27
Samsung to pay $300 million for price fixing Sidney WebNews 0 14th October 2005 06:15
Infineon admits to DRAM price fixing jmke WebNews 10 16th September 2004 23:58

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off

All times are GMT +1. The time now is 16:38.

Powered by vBulletin® - Copyright ©2000 - 2022, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO