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Friday, January 04, 2013
Samsung, LG Fined in China

Samsung Display Co. and LG Display Co. were fined a total of US$35 million by the Chinese government over price-rigging of panels, authorities said Friday.

China's National Development and Reform Commission said it has fined Samsung 101 million yuan (US$16.2 million) and LG 118 million yuan, for fixing prices of liquid crystal display panels that were supplied to the Chinese TV makers between 2001 and 2006.

The South Korean firms along with four Taiwanese firms -- Chi Mei Optoelectronics Corp., AU Optronics Corp., Chunghwa Picture Tubes Ltd. and HannStar Display Corp. -- were penalized a total of 353 million yuan, according to the Chinese authorities.

"From 2001 to 2006, six companies involved held a total of 53 rounds of 'Crystal Conferences,' claiming that they exchange information on the global LCD panel market," said an official of the commission.

"Those involved turned out to have negotiated prices or manipulated prices, hampering the legitimate rights and interests of other parties and consumers," the official said.

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