Monday, January 19, 2009
Executives Of Asian LCD Companies Guilty Of Price Fixing Also Plead Guilty
The US Department of Justice announced last week that four executives of Asian Liquid Crystal Display (LCD) companies previously found guilty of price fixing have pleaded guilty to one felony count of violating the Sherman Act. Chang Suk "C.S." Chung, a Korean executive of LG Display Co. Ltd., together with Chieng-Hon "Frank" Lin, Chih-Chun "C.C." Liu and Hsueh-Lung "Brian" Lee, current and former Taiwanese executives of Chunghwa Picture Tubes Ltd., each pleaded guilty to conspiring to fix prices in the LCD market between 2001 and 2006. Under the plea agreement, each will serve a jail term in the US, pay a fine, and cooperate with the ongoing investigation. Chung, the Korean executive of LG Display, will serve 7 months and pay a $25,000 fine. Lin, the Taiwanese former CEO of Chunghwa Picture Tubes, will serve 9 months and pay a fine of $50,000. Liu will serve 7 months and pay a $30,000 fine and Lee will serve 6 months and pay a fine of $20,000.
Read FraudTalk's original post on this story here.
Read the DOJ's plea agreement announcement here.