Samsung submitted set of commitments to avoid antitrust fine

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Samsung has submitted solutions to the European Commission to avoid the hefty antitrust fine, EU Competition Commissioner Joaquin Almunia has revealed. In a speech he gave in New York, Almunia revealed that “after lengthy discussions, Samsung sent a set of commitments seeking to address our concerns.” The commitments from the Korean company came after the Commission sent a Statement of Objections saying their practices were anti-competitive.

The Commission also confirmed that they’ll “formally market test these proposed commitments with other market participants in the coming weeks” and if found satisfactory, Samsung could avoid the fine, which could go to the tune of $18.3 billion or about 10 percent of 2012 annual revenue.

The European Commission slapped an antitrust investigation against Samsung in January last year but in June this year Reuters claimed Samsung is looking to settle the investigation.

Via