Samsung Electronics has filed a request for international arbitration against Sharp and two other panel makers over their decision to stop supplies to the South Korean company.

In a statement, Japanese electronics trading house Kuroda Electric said Samsung filed the request for ICC (International Chamber of Commerce ) arbitration in New York seeking $429 million.

Sharp, taken over by Taiwan-based Hon Hai Precision Industry Co., said in December it would stop supplying LCD panels to the world's largest TV maker Samsung.

Samsung, which receives an average of 4 to 5 million LCD panels every year from Sharp, has been in negotiation with other LCD suppliers such as LG Display to reduce any impact on its business.