LG Electronics Confirms EU Antitrust Complaint Over TV Tubes
Stock Chart for LG Electronics Inc (066570)
LG Electronics Inc. (066570) said it’s “aware” that the European Commission issued it an antitrust complaint in a price-fixing probe involving the cathode-ray industry.
Royal Philips Electronics NV (PHIA) said yesterday it also received a European Union antitrust complaint in the investigation that began in 2007 with company raids by regulators in the EU, Japan and South Korea.
The EU made the complaints against LG and Philips to hold them responsible for the behavior of LG.Philips Displays, a now-defunct joint venture that made the tubes for televisions and computer monitors, said two people who declined to be named because the matter isn’t public.
“LG Electronics is aware that the European Commission has issued the supplemental statement of objections,” Ken Hong, a spokesman for the company in Seoul, said in an e-mail.
“We’ve been in close contact with the relevant authorities throughout the investigation and will continue to cooperate until the conclusion of this case,” Hong said, adding that the company isn’t “100 percent clear” on what regulators’ intentions are.
The commission confirmed sending supplementary statements of objections last week and declined to name those involved. The Brussels-based commission can fine companies accused of operating a cartel as much as 10 percent of their annual sales.
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