Hynix executives agree to jail time
The U.S. Justice Department has announced that four Hynix executives have pleaded guilty to memory price fixing and have offered to serve between five to eight months of jail time in the United States. The executives will also pay $250,000 each in fines. Three of the four were based in South Korea while the fourth defendant was in Germany.
Back in 1999, Hynix’s four executives fixed DRAM prices with rival manufacturers, Elpida, which is a joint venture of NEC and Hitachi, Samsung Electronics and Infineon Technologies. All four companies have plead guilty to price fixing and have agreed to pay multi-million dollar fines as punishiment - This is in addition to whatever penalties levied against management.
Samsung, whose executives also face jail time, will pay $300 million, while Hynix will pay $185 million. Infineon Technologies and Elpida will pay $160 million and $84 million, respectively.