LG Electronics will pay 541 million euros for participating in the cartel

LG Electronics will pay 541 million euros for participating in the cartel

Corporation LG Electronics will pay over half a billion Euro fine for price collusion in the production of cathode ray tubes (CRT) for televisions and computer monitors.

In 2012, the European Commission has fined LG and Panasonic, Philips, Toshiba, Samsung SDI and Technicolor 1.47 billion euros for the creation of a cartel, under which the company fixed the price of cathode ray tubes between 1996 and 2006.

Specifically for the LG were fined in the amount of 492 million euros. The company tried to challenge the regulator’s decision in the European court, but the appeal was dismissed.

Now LG will have to pay € 541 million. Here are included the interest on late payment. The company says that a monetary penalty will not affect future financial performance, as it has already been considered in the past accounting reports.

It is worth Recalling that in 2010 the European Commission imposed on LG Display fine in the amount of 648,9 million euros for participating in a conspiracy to restrict competition and fix prices on LCD panels used in TVs, monitors and laptops.

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