EU raids electronics companies in prices probe

Dec 06, 2013

European Union antitrust regulators have raided the offices of several companies that make and sell consumer electronics and domestic appliances, in an investigation into whether they artificially boosted the prices of goods online.

The raids were carried out by the European Commission, the EU's executive arm, which declined to identify the companies targeted. In a statement it said it has reason to believe they restricted of their products to keep their prices high or made them unavailable at outlets that sold them cheaply.

Royal Philips NV confirmed Friday it was one of the companies targeted. Spokesman Joost Akkermans said the company is cooperating with an "ongoing case" but it cannot comment further.

Media-Saturn-Holding GmbH, which operates the Saturn and Media Markt retail chains, likewise confirmed it had been involved and is cooperating. Samsung is widely reported to also have been targeted in the raids, but company officials in Seoul could not immediately be reached to confirm that late Friday.

The Commission underlined that its investigation is at a preliminary stage and may never lead to charges, let alone a finding of guilt.

Explore further: Philips breaks off deal with Funai (Update)

3 /5 (2 votes)
add to favorites email to friend print save as pdf

Related Stories

Philips breaks off deal with Funai (Update)

Oct 25, 2013

Royal Philips NV said Friday it has ended a $200-million sale and licensing deal it struck this year with Japan's Funai Electric Co. and will seek damages for breach of contract.

EU raids telecoms firms in Internet probe (Update)

Jul 11, 2013

European Union anti-trust officials this week launched surprise investigations of several telecoms firms suspected of abusing their positions in Internet services, including Orange, Deutsche Telekom and Telefonica.

EU antitrust regulators charge LCD panel makers

Jul 13, 2009

(AP) -- European Union antitrust regulators have charged Royal Philips Electronics NV and LG Display with fixing the price of liquid crystal display monitors, Philips said Monday.

Recommended for you

Chinese e-commerce rivals challenge Alibaba (Update)

20 hours ago

China's biggest property developer, Wanda Group, and Internet giants Baidu and Tencent unveiled a new e-commerce venture Friday in a challenge to industry leader Alibaba Group ahead of its U.S. stock offering.

Nigeria launches national identity card scheme

Aug 28, 2014

Nigeria's President Goodluck Jonathan on Thursday launched a national electronic identity card scheme, which backers said would boost access to financial and government services in Africa's most populous nation.

User comments : 0