EU regulators charge Philips, others over cathode ray tube cartel
November 26th, 2009 - 11:14 pm ICT by IANSBrussels, Nov 26 (DPA) European Union regulators Thursday formally charged Dutch electronics giant Philips and other manufacturers of cathode ray tubes (CRT) of forming a cartel aimed at inflating the price of television sets and computer monitors.
The announcement by the European Commission in Brussels follows surprise raids carried out at the manufacturers’ premises in November 2007, when CRT screens were still widely available.
While EU regulators did not name any specific company, Philips confirmed receiving a “statement of objections” from the commission. It also vowed to cooperate in the investigation.
“Philips will study the statement of objections in detail and will prepare its response,” Philips said in a statement issued by its headquarters in Amsterdam.
“Philips takes the investigations into possible violations of these laws very seriously. The company intends to continue assisting the regulatory authorities in these investigations,” the company said.
EU Competition Commissioner Neelie Kroes, who is Dutch, has in recent years slapped fines worth billions of euros on companies found guilty of forming anti-competitive cartels.
Since the spread of more energy-efficient flat-panel displays, CRT screens are no longer easily available in shops.
- EU wants close ties with India's IT sector - Nov 22, 2011
- EU settles dispute with Microsoft over web browsers - Dec 16, 2009
- EU slaps record $1.45-billion fine on Intel (Lead) - May 13, 2009
- EU anti-trust fines exceeded $14 bn in 2004-09 - Aug 20, 2009
- Hungary could face legal action over media law - Jan 23, 2011
- EU Commission and industries join to build 'Internet of the Future' - May 03, 2011
- Rs.6,000 crore penalty on 11 cement firms for price fixing (Lead) - Jun 21, 2012
- Shree Cement penalized Rs.397.51 crore for monopolistic practices - Jul 30, 2012
- Competition panel levies Rs.6,000 crore penalty on cement firms - Jun 21, 2012
- UK kids with own Internet profile are 'vulnerable' to grooming online - Apr 20, 2011
- Professional course on competition policy launched - Jan 29, 2011
- Competition panel launches fresh enquiry against Google - Jul 09, 2012
- Latvian 'Iron Lady' joins European Union's president race - Nov 17, 2009
- 'More stringent laws against cartelisation needed' - Feb 14, 2012
- EU offers $28 mn aid to Syria - Jun 09, 2012
Tags: cartel, cartels, cathode ray tube, cathode ray tubes, competition commissioner, dpa, dutch electronics, european commission, european commission in brussels, european union regulators, flat panel displays, giant philips, neelie kroes, objections, premises, regulatory authorities, specific company, surprise raids, television sets, worth billions