South Korean execs plead guilty to price-fixing

Dec 13, 2011
Three South Korean executives have pleaded guilty to rigging bids and fixing prices of optical disk drives and agreed to serve prison terms in the United States, the Justice Department said Tuesday.

Three South Korean executives have pleaded guilty to rigging bids and fixing prices of optical disk drives and agreed to serve prison terms in the United States, the Justice Department said Tuesday.

Park Young-Keun, Kim Sang-Hun and Sik Hur, also known as Daniel Hur, took part in a price-fixing conspiracy between 2005 and 2009 while working for Hitachi-LG Data Storage (HLDS), the department said in a statement.

According to US authorities, the three rigged bids for optical disk drives sold to US computer makers Dell and Hewlett-Packard and fixed prices for the devices sold to US software giant Microsoft.

HLDS is a joint venture between Japan's Hitachi Ltd. and South Korea's . Optical disk drives such as CD-ROMs are frequently used in personal computers and .

The Justice Department said that under a , Park and Kim will serve eight months in a US prison while Hur will serve seven months. Each will pay a $25,000 fine.

"Today's plea agreements demonstrate the Antitrust Division's continued commitment to protect competition in the high-tech industry," acting assistant attorney general Sharis Pozen said.

"The division will continue to pursue and prosecute those who participate in bid-rigging and price-fixing conspiracies that harm businesses and consumers in the optical disk drive industry," Pozen said.

HLDS pleaded guilty last month in US District Court in San Francisco to 14 counts of violating US antitrust laws and was ordered to pay a fine of $21.1 million.

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User comments : 4

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Squirrel
5 / 5 (1) Dec 13, 2011
Raises the question where are all the bankers serving their prison terms?
that_guy
not rated yet Dec 13, 2011
Raises the question where are all the bankers serving their prison terms?


Let me point you to this sentence:

Three South Korean executives have pleaded guilty to rigging bids and fixing prices of optical disk drives and agreed to serve prison terms in the United States


-Perhaps the South Koreans don't know the state of US prisons, whereas US Bankers do.
-US Bankers would never agree to anything that doesn't give them assloads of money at someone elses expense. The cost of imprisoning them is just a drop in the bucket, and therefore, not assloads.
-Have you seen a South Korean prison? There's a reason they agreed to US Prison.
-South Korean businessmen are actually far more crooked, and far better businessmen than their US counterparts. (See record profits from samsung and hyundai while being fleeced by CEOs. And it was real profit, not enron profit) Prison brings them nostalgia.
that_guy
not rated yet Dec 13, 2011
I jest of course.
Shifty0x88
not rated yet Dec 14, 2011
So where's my check?!?