February 4, 2009 / 1:07 AM / 11 years ago

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

WASHINGTON (Reuters) - 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.

Reporting by JoAnne Allen; Editing by Gary Hill, Leslie Gevirtz

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