Panasonic fined 7.7 mln euros for violating European competition lawDecember 8, 2011 - 11:44 AMT PanARMENIAN.Net - Japanese electronics giant Panasonic said it has been fined 7.7 million euros ($10.3 million) for violating European competition law in connection with sales of refrigerator parts. The firm said it had been "fully cooperating" in a European Commission probe on compressors, which are used to cool refrigerators and freezers, that Panasonic and other manufacturers sold on the continent. On Wednesday, December 7, the Commission said it had fined the firm and three others - Italy's ACC, Denmark's Danfoss and Brazilian firm Embraco - a total of 161.2 million euros for running a price-fixing cartel from April 2004 until October 2007. Panasonic's participation began in November 2006, it said, adding that a fifth company, U.S.-based Tecumseh, acted as a whistleblower and was not fined. "Panasonic is carefully assessing the Commission's decision," the company said in a statement Thursday, saying it took "this matter seriously and will make every effort to maintain the public's confidence." "It is the policy of Panasonic to comply with all applicable laws and regulations, including anti-trust regulations," it added. Panasonic said the fine would have no material impact on its financial forecast for the fiscal year ending in March, AFP reported. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |