Micron Technology, as expected, has condemned yesterday's move by South Korean banks to provide financing to Hynix Semiconductor, calling the plan "illegal."
"This decision was made despite ongoing US
Dept. of Commerce and International Trade Commission investigations into
nearly $12 Billion worth of similar bailouts in recent years and an
ongoing investigation by the European Union into those same improper
subsidies. The bailout decision was also made despite repeated protests in
recent weeks by US Congressional representatives and the US Embassy in
Korea to stop further government subsidization of Hynix," the company said.
"In addition to
the $4 Billion bailout plan, in a separate action, 3-of-the-4 lead Hynix
creditor banks also announced recently a $180 million loan package to BOE
Technology Group of China to help BOE purchase Hynix's thin-film
transistor LCD unit -- a transparent effort by those same creditor banks
to provide additional government backed funding to cash strapped Hynix.
will continue to object vigorously to these ongoing illegal subsidies. We
believe the ongoing investigations will prove that the Korean Government's
continued, billion-dollar bailouts of Hynix are in clear violation of free
market principles and of WTO and US trading laws."