AFP - South Korea's LG Display Thursday admitted "wrongful acts" but said it may appeal against a huge fine levied by the European Commission for price-fixing.
The commission Wednesday fined the South Korean firm 215 million euros (285 million dollars) for fixing the prices of liquid-crystal display (LCD) panels along with five other companies between 2001 and 2006.
The fine was part of penalties totalling 649 million euros levied on four Taiwanese companies and the South Korean firm.
The leader in the LCD business, South Korea's Samsung Electronics, was also accused of being part of the cartel. It escaped a fine because it came forward first with information on the price-fixing.
Europe's competition watchdog accused the firms of running a cartel that set prices, harming European buyers of televisions and computers.
LG Display, the world's second-largest supplier of LCD panels, said in a statement it "acknowledges the wrongful acts of the past" and respects the European Commission's regulatory authority.
"However, LG Display may, after careful review and consideration, appeal today's decision to the EU General Court if it finds there were procedural or substantive due process issues with the investigation."
The company said such an appeal usually lasts more than two years and the fine could in certain circumstances be substantially reduced.
LG Display said it had taken comprehensive measures to avoid repetition of such "mistakes" and reaffirmed its commitment to highest ethical standards. It said its business would not suffer as a result of the fine.
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