U.S. indicts former execs in LCD price-fixing scheme

WASHINGTON, USA: Two former Chunghwa Picture Tubes Ltd executives and a former LG Display Co Ltd executive have been indicted in a global-price fixing scheme, the U.S. Justice Department said on Tuesday.

The indictment by a federal grand jury in San Francisco charges that the three former executives conspired with unnamed co-conspirators to suppress and eliminate competition by fixing the prices of Thin Film Transistor-Liquid Crystal Display (TFT-LCD) panels, the Justice Department said in a statement.

LG, Chunghwa and Sharp Corp all pleaded guilty to illegal price fixing for the panels, which are used in computers, televisions and mobile phones, in November. LG agreed to pay a fine of $400 million, Chunghwa $65 million and Sharp $120 million.

Cheng Yuan Lin and Wen Jun Cheng, of Taiwan, and Duk Mo Koo of South Korea, are accused of taking part, at various times in a five-year price-fixing scheme, that began in September 2001.

Cheng was Chunghwa's Assistant Vice President of Sales and Marketing and Koo served as Executive Vice President and Chief Sales Officer for LG.