South Korea-based Hynix Semiconductor has filed a lawsuit against a 34.8% import tariff slapped by the European Union Commissions to punish the memory maker for receiving illegal aid from the Korean Government. In case the Court of First Instance rules against the tariffs, the company will be paid the duties it has already paid back, according to Hynix.
Earlier this year both the
The EU Commission and the US Department of Commerce found Hynix Semiconductor guilty in receiving illegal subsidies from its creditors that were controlled by the Korean government as well as numerous other kinds of financial aid, such as, syndicated and other loans, state guaranteed export credits, debt rollovers and a debt-for-equity swap.
Hynix Semiconductor has been consistently emphasizing its innocence in doing anything illegal or receiving any illegal aid. The memory company insisted that the government did not play any role in arranging the financial aid, therefore, “the European Commission’s decisions to levy tariffs on Hynix chips runs counter to relevant laws.” The company strongly hopes for positive rule of the Court of First Instance. The Korean government filed a petition with the World Trade Organization in August to act against imposed duties in the
“If we win the case, we will be refunded the duties we have already paid,” Hynix said in its statement.