Samsung, Philips among tech firms raided by EU authorities

Unannounced inspections were carried out in several member states earlier this week amid claims tech companies colluded to drive up prices of products.
Written by Zack Whittaker, Contributor

European authorities raided offices of electronics giants' Samsung and Philips on Tuesday over antitrust concerns.

In a brief statement published Friday, the European Commission said a "number of companies" may have violated European antitrust rules that prohibit anticompetitive agreements or practices, such as colluding to drive up prices.

Authorities from relevant member states also joined the unannounced inspections.

These inspections are typically to determine whether such activities are going on, and aren't an indication of whether or not a company may be guilty of anticompetitive practices. For that reason, the companies are not named at this stage.

But according to the BBC News, both Samsung and Philips revealed they were two of the unknown number of firms raided earlier this week. The two firms are reportedly cooperating with authorities.

Companies in breach of European antitrust law can face fines up to 10 percent of their annual global turnover.

Little more is known at this time, and likely no more will be disclosed until a time where charges or a formal statement of objections can be handed out — if it gets that far.

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