South Korea court docket upholds $873-million antitrust penalty for Qualcomm

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FILE PHOTO: A Qualcomm signal is pictured at Cell World Congress (MWC) in Shanghai, China June 28, 2019. Information/Aly Music

SEOUL (Information) – A South Korean court docket on Wednesday upheld a file fantastic of $873 million for U.S. chip big Qualcomm (QCOM.O), imposed by the Asian nation’s antitrust watchdog in 2016 over unfair enterprise practices.

Seoul Excessive Court docket’s presiding choose Noh Tae-ak mentioned in a ruling that Qualcomm abused its dominant market place, as a motive for upholding the regulator’s penalty.

It was not instantly clear whether or not both facet would enchantment to the Supreme Court docket.

The Korea Honest Commerce Fee (KFTC) levied the fantastic, a file for South Korea, on Qualcomm in 2016, for what it referred to as unfair enterprise practices in patent licensing and modem chip gross sales. The corporate challenged the choice in court docket.

Qualcomm is a prime chip provider to South Korean smartphone makers Samsung Electronics (005930.KS) and LG Electronics (066570.KS).

Reporting by Heekyong Yang; Writing by Ju-min Park; Modifying by Stephen Coates and Clarence Fernandez