Taiwan tech giant says EU price-fixing fine 'unfair'

Dec 10, 2010
Terry Gou, founder of Taiwan's Hon Hai Precision Industry Co., pictured in June 2010. Taiwanese IT firm Hon Hai Precision said Friday a huge fine imposed by the European Commission on its affiliate Chimei Innolux Corporation for price-fixing was "unfair" and "too high".

Taiwanese IT firm Hon Hai Precision said Friday a huge fine imposed by the European Commission on its affiliate Chimei Innolux Corporation for price-fixing was "unfair" and "too high".

Hon Hai Chairman Terry Gou also said the fine would hurt Chimei's this year, after he met European Union representatives in Taipei.

He said Chimei was still considering appealing the fine.

The on Wednesday slapped fines totalling 649 million euros (860 million dollars) on five Taiwanese flat panel makers and on one South Korean firm. Chimei was hit with the largest fine -- 300 million euros.

The Commission's competition watchdog accused the firms of running a cartel between October 2001 and February 2006 that fixed prices, harming European buyers of televisions and computers equipped with .

Gou owns 2.9 percent of Chimei Innolux, while Hon Hai and its subsidiaries also have stakes in the company.

Taiwan's AU Optronics has said it will appeal against the fine in the General Court in Luxembourg but added that the fine is not expected to affect its operations.

The other Taiwanese firms have said they are considering whether to appeal and that the fines are unlikely to have any major impact on their operations.

Explore further: Wage gap grows between support staff at tech campuses and high-tech employees

add to favorites email to friend print save as pdf

Related Stories

US agency examines Sony patent infringement claim

Apr 16, 2010

A US trade agency has launched a probe into Sony Corp's claims that several companies, including two major computer monitor makers in Hong Kong and Taiwan, infringed on its patents for display devices.

EU fines Samsung, nine other chip makers over cartel

May 19, 2010

The EU Commission fined the world's biggest memory chip makers, including Samsung, Infineon and Toshiba, a total of 331 million euros (403 million dollars) on Wednesday for operating a cartel.

Recommended for you

Netflix unveils new way to share recommendations

4 hours ago

Netflix is giving its Internet video subscribers a more discreet way to recommend movies and TV shows to their Facebook friends after realizing most people don't want to share their viewing habits with large ...

Job listing service ZipRecruiter raises $63 million

Sep 01, 2014

ZipRecruiter, a California start-up that tries to simplify tasks for recruiters, has raised $63 million in initial venture capital funding as the 4-year-old service races to keep up with growing demand.

User comments : 0