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Nov 6, 2009
MT Picture Display files for hearing to overturn JFTC
Osaka, Japan - MT Picture Display Co., Ltd., ("MTPD"), a wholly-owned subsidiary of Panasonic Corporation, and its overseas subsidiaries PT.MT Picture Display Indonesia, MT Picture Display (Thailand) Co., Ltd. and MT Picture Display (Malaysia) Sdn. Bhd have filed for a hearing to challenge the orders issued by the Japan Fair Trade Commission ("JFTC").
MTPD was issued a cease and desist order and its overseas subsidiaries were each issued surcharge payment orders by the JFTC, on October 7, 2009, accusing them of illegal behavior with respect to the sale of Cathode Ray Tubes ("CRT") to certain customers in Asian countries during the years 2003 to 2007.
MTPD and its overseas subsidiaries believe the orders are not consistent with governing legal principles and have decided to contest the orders.
While MTPD and its overseas subsidiaries are no longer in the business of manufacturing CRTs, they will clarify their position through the Hearing Procedure and seek for fair decision.
Panasonic Corporation is a worldwide leader in the development and manufacture of electronic products for a wide range of consumer, business, and industrial needs. Based in Osaka, Japan, the company recorded consolidated net sales of 7.77 trillion yen (US$78.4 billion) for the year ended March 31, 2009. The company's shares are listed on the Tokyo, Osaka, Nagoya and New York (NYSE: PC) stock exchanges. For more information on the company and the Panasonic brand, visit the company's website at http://panasonic.net.
- Akira Kadota, International PR
- Panasonic Corporation
- Tel: 03-6403-3040 Fax: 03-3436-6766
- Panasonic News Bureau
- Tel: 03-3542-6205 Fax: 03-3542-9018
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