Late last year, executives from LG, Sharp, and Chunghwa plead guilty to conspiring to fix prices for LCD display panels worldwide—and the case resulted in one of the largest fines ever handed down by the U.S. Department of Justice’s antitrust division, as well as executives from LG and Chunghwa getting actual jail time. But the DOJ isn’t done with the case yet: the agency has announced three more indictments of executives at Chunghwa and LG for their roles in the price fixing conspiracy.
The new indictments target Cheng Yuan Lin (who served as Chunghwa’s CEO from September 2001 through April 2003), Wen Jun Cheng (Chunghwa’s VP of marketing from October 2001 through September 2004), and Duk Mo Koo (executive VP and sales officer at LG from December 2001 through December 2005. For violations of the Sherman Act before June 22, 2004, all three defendants could face up to three years in prison and fines of $350,000; Cheng and Koo; however, faces charges after that date, which could carry penalties of up to 10 years in prison and $1 million. The fines can be increased to up to twice any gain derived from the acts (or twice the losses suffered).
“The Antitrust Division will vigorously pursue individuals who engage in antitrust crimes targeting U.S. businesses and consumers no matter where those individuals live or commit the crime,” said Acting Assistant Attorney General in charge of the Antitrust Division Scott D. Hammond, in a statement. “Today’s charges should make clear that there are no safe havens for international cartels that violate the U.S. antitrust laws.”
The charges were filed in U.S. District Court in San Francisco.
