Korean Agency Fines Qualcomm $208M

Following a three-year inquiry and a seven-day hearing, the Korean Fair Trade Commission has fined Qualcomm $208 million and ordered the San Diego wireless chipmaker to end its unfair business practices in South Korea. In a statement, Qualcomm says it disagrees with the ruling and plans to appeal. Korean press reports say it is the largest fine to be imposed on a single company by the South Korean antitrust watchdog. In financial results released yesterday, Qualcomm said it was anticipating the fine. The company reported sales of $2.74 billion in the third quarter that ended June 28.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788 Follow @bvbigelow

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