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.