AU Optronics CEO Barred From Leaving US In LCD Probe -Reuters

Date : 08/20/2010 @ 7:15PM
Source : Dow Jones News
Stock : AU Optronics Corp American Depositary Shares (AUO)
Quote : 4.56  0.07 (1.56%) @ 4:03PM

AU Optronics CEO Barred From Leaving US In LCD Probe -Reuters

AU Optronics (NYSE:AUO)
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The chief executive of liquid-crystal-display maker AU Optronics Corp. (AUO, 2409.TW) has been barred by a federal judge in San Francisco from leaving the U.S. as Justice Department officials pursue price-fixing allegations against the Taiwanese company, Reuters reports Friday.

A grand jury indicted CEO Lai-Juh Chen in June for allegedly fixing prices of thin-film LCD panels, which are used in numerous electronic devices. The court ordered him to surrender his passport.

The Justice Department has accused AU Optronics executives of being part of a group of industry officials who met regularly at hotels and restaurants in Taiwan to discuss and agree on prices, from 2001 to 2006.

Six companies have pleaded guilty in the subsequent probe: Taiwan's Chimei Innolux Corp. (3481.TW) and Chunghwa Picture Tubes Ltd. (2475.TW); South Korea's LG Display Co. (LPL); and Japan's Sharp Corp. (6753.TO), Epson Imaging Devices and Hitachi Displays.

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-Dow Jones Newswires; 212-416-2900


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