Like something out of a movie, last week European authorities raided the offices of several electronics companies. Last week, officers of the EU’s European Commission conducted a raid on several companies than included Samsung (News - Alert), Philips and Europe’s largest chain of consumer electronics stores, called Media-Saturn.

The exact date of this raid appears to be somewhat in question, as I have seen reports that mention both Tuesday and Thursday. In any event, regardless of the date, the Commission did not mention the names of any of the locations of the companies that received a surprise inspection last week.

The main objective for conducting the raid was the Commission’s concern that the firms mentioned above had worked together and colluded in an effort to restrict online availability of certain products. This would have the effect of driving up prices. This was also seen as an attempt to restrict competition.

The Commission issued the following statement: "The Commission has concerns that the companies…may have violated EU antitrust rules that prohibit anticompetitive agreements or concerted practices." The Commission added that restricting supply "may lead to higher consumer prices or the unavailability of products through certain online sales channels."

The three companies that were raided last week are all said to be cooperating with European Union authorities. Not surprising though, at this time neither of the companies made any further comments concerning the incident. The Commission also did not disclose any details concerning the companies that it had visited.

The Commission went on to say, "The fact that the Commission carries out such inspections does not mean that the companies are guilty of anticompetitive behavior, nor does it prejudge the outcome of the investigation itself."

According to certain sources that are familiar with last week’s raid, the BBC learned that agreements between manufacturers and retailers are not necessarily illegal. In some cases luxury goods brands often want to restrict the supply and distribution of their products. This is seen as a way to safeguard their exclusive appeal.

Of course, it is a stretch, to say the least, to think that what can be considered, low-cost electronics products falls into the category of exclusive appeal. The BBC feels that the companies’ lawyers will be working on this definition.

The problem that the companies face is that if they are found guilty, they could face fines that would be equivalent to 10 percent of global annual turnover. When you look at a company like Samsung, that figure could be somewhere in the neighborhood of $27.78 billion.

If this is the case, then it would be interesting in deed. It seems that this type of fine is currently unprecedented. So does that mean that the Commission would fine the Samsung less than 10 percent? Not too much more is known at this time and most likely no additional information will be divulged until the Commission decided if it will press charges.

It should be noted that Joaquin Almunia, the EU competition commissioner has been going all out on antitrust investigations. So far eight banks were fined for forming illegal cartels designed to rig interest rates in the financial derivatives markets. In May, Commission inspectors raided several oil companies that were suspected of price fixing.