Printed from http://www.electronista.com

China levies fines against LG, Samsung for LCD price fixing

updated 09:42 am EST, Fri January 4, 2013

Six companies fined over alleged misconduct

China regulators have levied fines against Samsung, LG and several other companies accused of colluding to artificially inflate LCD panel prices. Six companies will share the 353 million yuan (~$56.7 million USD) combined penalty, however Samsung and LG face the brunt of the punishment with respective fines of 118 million yuan (~$18.9 million USD) and 101 million yuan (~$16.2 million USD).

China's antitrust agency, the National Development and Reform Commission, accuses the companies of holding over 50 secret meetings, referred to as "crystal conferences," during a five-year period beginning in 2001. The companies, which include AU Optronics, Innolux, Chunghwa Picture Tubes and HannStar Display, are said to have shared confidential information and established price-fixing agreements, according to a China News report.

The accused companies reportedly admitted wrongdoing in talks with the NDRC, and have agreed to abide by Chinese law and uphold fair competition in the market.

"We do not expect this decision to impact our relationship with customers or panel sales," LG said in a statement provided to The Next Web. "LG Display remains committed to operating with full transparency in providing the best quality products and services to its global customers."

The regulatory action echoes a similar move by the European Commission, which culminated in an $856 million fine against many of the same companies for LCD price fixing between 2001 and 2006. The EC followed up with a $1.9 billion fine against CRT manufacturers, including LG and Samsung, in yet another price-fixing scandal.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

IDrive cloud backup and sync service

There are a lot of cloud services out there, and nearly all of them can be used for backing up key files and folders. A few dedicated ...

Asus Chromebook C300

When Chromebooks hit the market back in 2011, consumers didn't know what to do with them. The low-cost laptops, powered by Google's Ch ...

Plantronics BackBeat Pro Bluetooth headphones

Looking for a pair of headphones that can do everything a user requires is a task that can take some study. Trying to decide on in-ear ...

Sponsor

toggle

Most Commented

 
toggle

Popular News