European Union fines three Japanese Battery Factories 1.66 Million Euros!

samsung-sdi-624x428

European Union fines three Japanese Battery Factories 1.66 Million Euros!

The European Union regulators announced that Sanyo Electric, Sony and Panasonic had illegally increase the smartphone and notebook battery price. Thus, three factory has been fined 1.66 Million Euro ( roughly RM 8.3 Million).

The report stated that in between 2004-2007, these companies and Samsung SDI agreed to raise prices, and exchange of information, such as supply and demand forecasting and other sensitive information, which caused damage to European consumer rights.

Wall Street Journal reported that Sanyo Electric, Panasonic and Sony will be punished by the heaviest penalty of 39 million euros. While, there were only fined 0.39 and 0.3 million euros.

Due to early disclosure of joint monopoly and exemption, Samsung SDI has escaped 58 million euros fine.

SOURCE