Three more executives have been indicted for their alleged roles in an LCD price-fixing scheme, the U.S. Department of Justice said Tuesday.
The indictment follows recent guilty pleas from four other executives involved in the same conspiracy who agreed to pay tens of thousands of dollars and serve jail time.
The new charges allege that Cheng Yuan Lin, Chunghwa's former chairman and CEO; Wen Jun Cheng, who was assistant vice president of sales and marketing for Chunghwa; and Duk Mo Koo, formerly executive vice president and chief sales officer for LG, tried to harm competition by fixing the price of TFT-LCDs. The panels are used in computer monitors, laptops, TVs and mobile phones.
The DOJ says that the three men met in Taiwan, Korea and the U.S. between 2001 and 2006 to agree on prices to sell their LCD panels. They also worked to conceal the conspiracy and hide their meetings, the DOJ said. Lin and Cheng live in Taiwan and Koo lives in Korea.
Cheng and Koo face penalties of three years in jail and fines of US$350,000, and Lin faces a maximum penalty of 10 years in prison and a fine of $1 million. However, those fines could be increased to twice the gains derived from the crime or twice the loss suffered by victims, according to the DOJ.
In January, three executives from Chunghwa and one from LG pled guilty for their roles in the same price-fixing scheme. They've agreed to serve between six and nine months in prison and pay as much as $50,000 in fines.
Their companies are on the hook for more. After a December ruling, LG agreed to pay a $400 million fine and Chunghwa agreed to pay $65 million for their roles. Sharp has also pled guilty and was ordered to pay $120 million in fines.