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HIT Hitech Snt S.A. (CR)

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Share Name Share Symbol Market Type
Hitech Snt S.A. (CR) ASE:HIT Athens Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.00 -

Hitachi Displays Executive Charged In LCD Price-Fixing Case

01/04/2009 1:17am

Dow Jones News


Hitech Snt S.A. (CR) (ASE:HIT)
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WASHINGTON (AFP)--An executive with Hitachi Displays Ltd. was charged Tuesday with participating in a conspiracy to fix the prices of Liquid Crystal Display panels, the U.S. Justice Department said.

Sakae Someya, a Japanese national, was indicted by a federal grand jury in San Francisco and charged with conspiring to fix the prices of LCD panels sold to U.S. computer maker Dell Inc. (DELL) for use in notebook computers, the department said.

"Today, the department is holding a high-level executive accountable for his conduct," acting assistant attorney general Scott Hammond said in a statement.

Hitachi Displays Ltd. agreed March 10 to pay a $31-million fine for its role in the conspiracy to fix LCD prices and the Justice Department has meted out fines to three other Asian electronics firms for their roles.

Someya is the eighth Asian electronics executives indicted in connection with the case. Four of them have pleaded guilty and been sentenced to prison terms ranging from six to nine months.

If convicted, Someya could face a fine of $1 million and up to 10 years in prison.

The Justice Department has imposed fines totaling $585 million on South Korea's LG Display Co. Ltd. (034220.SE), Japan's Sharp Corp. (6753.TO) and Taiwan's Chunghwa Picture Tubes Ltd. in connection with the case.

LG Display, formerly known as LG Philips LCD Co. Ltd, agreed in November to pay a fine of $400 million. Chunghwa was fined $65 million, while Sharp agreed to pay a $120 million fine.

The fine levied on LG Display was the second-largest after the record antitrust fine of $500 million handed down against Swiss pharmaceutical giant F. Hoffmann-La Roche Ltd. in 1999 for fixing vitamin prices.

 
 

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