LG and Philips can pay up to $ 7.9 billion in fine per cartel

Six electronics companies, including Philips and LG, are expected to pay heavy fines to the European Union for setting cathode ray tube TV prices, according to the Reuters.

Four sources linked to the matter told the news agency on Friday 9 that other companies were also involved in the cartel, such as Samsung, Technicolor, Panasonic and Toshiba.

The European Commission investigated the companies at the end of 2007 and announced the fines on 28 November this year. The punishment must be severe, since the cartel lasted more than a decade. Companies can pay up to 10% of their turnover for violating the rules of the union.

In the case of Philips, the fine could reach $ 2.9 billion, while LG could pay up to $ 5 billion in fine – the figures are based on the 2011 manufacturers’ revenues.

The sources said that Taiwanese company Chunghwa Picture Tubes has warned EU antitrust regulators about the cartel’s existence, so it will not be fined.

According to Reuters, the European Union declined to comment on the matter.

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