The Court of Justice of the European Union (EU) has upheld fines of €1.47bn (£1.28bn) on Samsung SDI which was imposed by the European Commission.
Samsung SDI is a battery cell manufacturing company based in South Korea. Cathode ray tubes are considered to be essential components for the manufacturing of colour television and products for computer monitors. However, in recent years the product has been replaced by more advanced technologies.
In December 2012, the European Commission had ruled that between the 10 years from 1996 to 2006, Samsung SDI and its subsidiaries in Malaysia and Germany may have participated in separate cartels for cathode ray tubes.
Moreover, the European Commission found that commercially sensitive information was exchanged on a regular basis.
Following 2012, Samsung SDI and the two subsidiaries had appealed to the General Court ruling of the EU, which upheld the fine in 2015. The companies had lodged an appeal at the Court of Justice of the European Union, asking the court to dissolve the fines that were imposed.
The General Court has rejected Samsung SDI’s appeal from 2015 on Thursday, stating that it could only reduce the fine if it was excessive. The ruling was imposed by the European Commission.
On day one of SIBOS, panellists unanimously agreed that doing nothing to modernise payments was no longer safe bet for transaction banking.
On the second day of this year's AFP conference Trump's potential tax reform, using synthetic debt and the expected benefits of SWIFT GPI were all hotly discussed topics.
Rising interest rates, excitement around blockchain use cases and cross-border payments were all hot topics at this year's AFP conference in San Deigo.
Today CGI and GTNews have announced the launch of the fifth annual Transaction Banking survey report, which offers which offers critical insight into the corporate-to-bank relationship.