Fine Imposed by European Commission
It has been found that a fine of 37.121 million euros was imposed on Hitachi-LG Data Storage Inc., which is a joint corporation of LG Electronics and Hitachi, last year after the European Commission’s investigation into optical disc drive (ODD) price fixing allegations.
The investigation started in 2014 and the amount of the fine was determined last year. The corporation has filed a suit against the decision. LG Electronics handled its 697.5 billion won fine as an estimated loss last year.
According to the Fair Trade Commission’s data, in the meantime, LG Electronics paid a fine of 704 billion won between 2012 and July last year for having been engaged in CRT TV price fixing. The fine is divided into 697.5 billion won paid in the European Union and 6.5 billion won paid in Brazil.
In this regard, LG Electronics is currently provided with a payment guarantee of approximately 700 billion won by the banks including HSBC. It is said that a number of lawsuits are underway against the electronics manufacturer in the United States, Canada, etc. Most of the lawsuits are related to CRT TV price fixing allegations.