Panasonic fined 7.7 mln euros for violating European competition law

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.