Monday, July 13, 2009

Philips faces price-fixing probe

Philips TV screen

Dutch electronics colossus Philips has said it will "vigorously oppose" any suasion that it and Korean firm LG immobile the prices of LCD insipid screens.

Philips' comments came after dweller Commission rivalry regulators sent it a "statement of objections" to erst outline their suspicions.

Brussels suspects Philips and LG haw hit been conception of a wider cartel.

The enquiry relates to a jointly-owned Philips and LG playing - LD Display - which was set up in 1999.

Philips has afterward oversubscribed its deal in the unit.

US fine

Issuing a evidence of objections is the prototypal conventional travel in dweller Union anti-competition investigations, under which the Commission prototypal informs the parties afraid most the objections raised against them.

It does not work the outcome of an investigation, and firms can reply to the objections.

Last November, LG Display pleaded blameable to LCD price-fixing in the US, stipendiary $400m (£249m) mass a parallel enquiry by US rivalry regulators.

Japan's Sharp and Taiwan's Chunghwa Picture Tubes were also punished by US polity in that case.

Brussels has not said which another firms are involved in its investigation.

The news comes on the same period that Philipsreported a 94% modify in second lodge profits cod to a big decline in sales.
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