Sign in with
Sign up | Sign in

Samsung, LG, Others Fined Millions Over Price Fixing

By - Source: Yohap News | B 26 comments

Four other firms charged fines totaling $56 million.

The Chinese government has fined both LG Display and Samsung over charges related to allegedly fixing the prices of LCD panels.

China's National Development and Reform Commission fined Samsung $16.2 million, while LG received a $18.6 million fine.

Also handed fines for alleged price fixing were four Taiwanese firms -- Chi Mei Optoelectronics, AU Optronics, Chunghwa Picture Tubes Ltd. and HannStar Display. The total fine charged against all six companies is $56 million.

All the aforementioned display makers had been accused of fixing prices on LCD panels they sold to Chinese TV makers from 2001 to 2006. From the total amount of fines, nine TV makers received $27 million as a refund.

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

The aforementioned display makers are now required to extend the unpaid warranty period for the TV manufacturers, with the fined parties promising to adhere to Chinese law.

 

Contact Us for News Tips, Corrections and Feedback

Display 26 Comments.
This thread is closed for comments
Top Comments
  • 13 Hide
    sacre , January 5, 2013 2:44 AM
    'cause the US healthcare system is any better. They help you out, but when you come too you're handed a bill that says "50,000". Either that or you pay for insurance.

    Disgusting. Having to choose between life and life without a home.. Here in Canada I busted my knee up bad, went to the hospital, they did an MRI, was set for surgery, had surgery, now its all fixed up and i'm back to work. How much did it cost? 34 bucks for the crutches.

  • 10 Hide
    szbxa , January 5, 2013 2:11 AM
    A Bad DayUnder China's healthcare laws, hospitals, including government operated ones, are allowed to deny medical care even if the person is unconscious and is in danger of dying. Helps keep the medical costs lower, by getting rid of patients that can't afford the medical care...

    it just so happens us med care is every bit as bad.
Other Comments
  • 4 Hide
    Blessedman , January 5, 2013 1:35 AM
    Isn't this the coffee calling the kettle black?
  • -1 Hide
    nuvon , January 5, 2013 1:41 AM
    Well, I am communist, what are you going to do? If you want a piece of my 1.3 billion market, you play by my rules.

    But then, capitalism is just as ugly and corrupted!
  • 6 Hide
    A Bad Day , January 5, 2013 1:54 AM
    nuvonWell, I am communist, what are you going to do? If you want a piece of my 1.3 billion market, you play by my rules. But then, capitalism is just as ugly and corrupted!


    Under China's healthcare laws, hospitals, including government operated ones, are allowed to deny medical care even if the person is unconscious and is in danger of dying.

    Helps keep the medical costs lower, by getting rid of patients that can't afford the medical care...
  • 1 Hide
    A Bad Day , January 5, 2013 1:58 AM
    Also, education is not free. It's quite pricy if you don't do well enough on China's notoriously tough standardized test.

    There's a reason why metal and radio signal detectors are commonly used around test centers. Because one too many student used scanner pens with radio communication (scan question, have hired people find answers, then write it down).

    Also, one of the several essays back in 2007 asked for a 800-word argumentative essay. The topic was: "The duck crossed the ditch."
  • 10 Hide
    szbxa , January 5, 2013 2:11 AM
    A Bad DayUnder China's healthcare laws, hospitals, including government operated ones, are allowed to deny medical care even if the person is unconscious and is in danger of dying. Helps keep the medical costs lower, by getting rid of patients that can't afford the medical care...

    it just so happens us med care is every bit as bad.
  • 7 Hide
    madjimms , January 5, 2013 2:13 AM
    A Bad DayUnder China's healthcare laws, hospitals, including government operated ones, are allowed to deny medical care even if the person is unconscious and is in danger of dying. Helps keep the medical costs lower, by getting rid of patients that can't afford the medical care...

    China is hardly Communist.
  • 2 Hide
    A Bad Day , January 5, 2013 2:38 AM
    MadjimmsChina is hardly Communist.


    More like a non-stereotypical socialist country. It controls much of the "essential" economic sectors, such as banking, mining, steel-making, and etc, but the amount of welfare it distributes to its people is significantly small.
  • 13 Hide
    sacre , January 5, 2013 2:44 AM
    'cause the US healthcare system is any better. They help you out, but when you come too you're handed a bill that says "50,000". Either that or you pay for insurance.

    Disgusting. Having to choose between life and life without a home.. Here in Canada I busted my knee up bad, went to the hospital, they did an MRI, was set for surgery, had surgery, now its all fixed up and i'm back to work. How much did it cost? 34 bucks for the crutches.

  • -5 Hide
    jn77 , January 5, 2013 3:24 AM
    When they stop price fixing, maybe I can get my 24 inch 4k OLED transparent flexible 10 point multi touch monitor for $399.
  • 9 Hide
    samwelaye , January 5, 2013 4:51 AM
    sacre'cause the US healthcare system is any better. They help you out, but when you come too you're handed a bill that says "50,000". Either that or you pay for insurance.Disgusting. Having to choose between life and life without a home.. Here in Canada I busted my knee up bad, went to the hospital, they did an MRI, was set for surgery, had surgery, now its all fixed up and i'm back to work. How much did it cost? 34 bucks for the crutches.


    Thats possible because you Canadians pay real taxes. Us Americans are notoriously bitchy when it comes to taxes. I work at a grocery store and we get people all day complaining about taxes, and then turning around and complaining that the roads outside havent had the snow completely plowed off yet. Theyre idiotic
  • 5 Hide
    sixdegree , January 5, 2013 5:19 AM
    Screwing over consumer: $56 Million fine.
    Screwing over Apple: $1 Billion fine.
    I don't want to live in this planet anymore.
  • 0 Hide
    volkov956 , January 5, 2013 6:03 AM
    I will be the first to say Not all Canada Health System is Great the Northern Territories are Crap There is long wait period 6-24months waits for Surgeries, To see a specialist can be 1-12 months, Misdiagnosing is very high since People arriving from as imigrants come here to get they're Citizenship with medical profession once they get it they Void Contract and Move to Southern Canada or USA they don't get a damn about they're patients. People die up here because they don't get proper care. Even at the hospital I am near a person had a Heart Attack and they sent them home which then they're spouse recognized it was a Heart Attack and sent them back. They sent the person home with pain killers... Any time I go i am disgusted they would rather hand me Pain Killers and send me on my way. We have people go to Alberta to get proper care since other provinces or territories can't offer it but then Alberta is Pay to get service in most places.
  • 2 Hide
    Kami3k , January 5, 2013 7:09 AM
    Of call countries to do this, it's China?

    Hahahaha.
  • 1 Hide
    rantoc , January 5, 2013 9:17 AM
    samwelayeThats possible because you Canadians pay real taxes. Us Americans are notoriously bitchy when it comes to taxes. I work at a grocery store and we get people all day complaining about taxes, and then turning around and complaining that the roads outside havent had the snow completely plowed off yet. Theyre idiotic


    The rich don't want to pay taxes (especially not by %) and they managed to brainwash many normal income peeps into believing taxes is a robbery rather than get things like health care, proper school for the kids and roads without holes in them ect ect.

    If the gov kept things like healthcare without any private profit interests (both in the health AND insurance sector) the healthcare would be cheaper and better since a bunch of greedy middle fingers have been cut out of the equation. The basic needs like healthcare and school should not be run by corps who is only interested in maximizing their profit.
  • 0 Hide
    jn77 , January 5, 2013 12:15 PM
    My comment got a -1? It is actually about the topic..... stupid kids these days. and for everyone talking about who pays taxes and healthcare? seriously? I will make it real simple.

    The US has at its best point historically when when the tax rate on the working people was zero (0) after world war I and world war II and all the tax revenue came from tariffs on imported goods and and businesses. Not when working people started getting screwed by the government. The government in the US is too greedy to get their hands out of other peoples pockets now and that will never change.

    As far as healthcare goes, listen, I have traveled out side the US to many countries, and have friends from other countries and when people from the UK, France, or any " european" country come here and need to be "hospitalized" they completely change their look on American healthcare. They realize that what they call "healthcare" in their countries and what the hospitals are like is from the World War II era and are completely out dated. That is what you get for your "affordable" health care. And they don't want to go back. So some people need a reality check.

    That being said, There are some issues with health care in America, there is no reason the cost should be what it is now. Again, it comes down to greedy private businesses trying to make a profit and idiots that sue doctors for no apparent reason. That does not mean that mistakes do happen and the victims should be taken care of for the mistake(s) that a health care provider caused if they were truly at fault.

    If a doctor really did make a mistake, and your loved one died, at least in America, you have recourse. What is the price of life for a mistake by a doctor?
  • 0 Hide
    vigorvermin , January 5, 2013 4:40 PM
    rantocThe rich don't want to pay taxes (especially not by %) and they managed to brainwash many normal income peeps into believing taxes is a robbery rather than get things like health care, proper school for the kids and roads without holes in them ect ect.If the gov kept things like healthcare without any private profit interests (both in the health AND insurance sector) the healthcare would be cheaper and better since a bunch of greedy middle fingers have been cut out of the equation. The basic needs like healthcare and school should not be run by corps who is only interested in maximizing their profit.


    that's great in theory, but it's been proven time and time again that the government is much less efficient with our money then corporations are. Health care would be more expensive and no, it wouldn't be higher quality. It'd be worse.
  • 1 Hide
    master_chen , January 5, 2013 6:03 PM
    Big conglomerate companies must suffer. Because the more they suffer, the more profit end customers would get from it. *Sarcasm*
  • 1 Hide
    A Bad Day , January 5, 2013 6:32 PM
    vigorverminthat's great in theory, but it's been proven time and time again that the government is much less efficient with our money then corporations are. Health care would be more expensive and no, it wouldn't be higher quality. It'd be worse.


    In Atlanta during the 1990's, the city privatized its water system.

    Although it saved around $100 million by the time the contract expired, the company did a shitty job with the system.

    -On average, it took two weeks for the company to respond to water leakage. During a severe drought, a fire hydrant burst, and gushed over thousands of gallons of water over a 10-day period. By the time they fixed the leakage, the pavement around the hydrant was completely gone.

    -Hundreds of cases where sewage backed up into people's houses and flooded their basements.

    -Water quality was significantly dropped, and there were many contamination cases.

    -The company issued hundreds of boil-water orders during the contract period due to contamination.

    -The mayor that greenlighted the contract was later arrested for accepting bribes.
  • 2 Hide
    Solandri , January 5, 2013 6:52 PM
    sacre'cause the US healthcare system is any better. They help you out, but when you come too you're handed a bill that says "50,000". Either that or you pay for insurance.Disgusting. Having to choose between life and life without a home.. Here in Canada I busted my knee up bad, went to the hospital, they did an MRI, was set for surgery, had surgery, now its all fixed up and i'm back to work. How much did it cost? 34 bucks for the crutches.

    If you think your medical care cost you $34, I have a bridge to sell you. You pay for your health insurance via your taxes. To the tune of about $180 billion/yr, which divided over 23 million taxpayers is $7800/yr.

    Granted the US pays about twice that per taxpayer. In fact Medicare/Medical alone works out to about $7900/yr per taxpayer - that's right, Americans already pay more for government health care than Canadians. So it ain't the private health care system that's the problem in the U.S.

    rantocThe rich don't want to pay taxes (especially not by %) and they managed to brainwash many normal income peeps into believing taxes is a robbery rather than get things like health care, proper school for the kids and roads without holes in them ect ect.

    The IRS tax statistics are all public. The rich already pay a much higher percentage of their gross income as taxes than regular people.
    http://www.irs.gov/uac/SOI-Tax-Stats---Individual-Statistical-Tables-by-Size-of-Adjusted-Gross-Income

    Click on 2009, scroll over to column T. The average effective federal income tax rate on people making less than $100k is 2.3% to 8.5%. Those making $100k-$200k paid 11.9%. That's right, lower than the 15% capital gains tax which was so reviled by the left as unfair because it was less than the rate Warren Buffet's secretary paid (hint: his secretary makes a *lot* more than the average secretary).

    Those making $200k-$500k pay 19.6%. Those making over $500k pay 22.6% or more. There's a dip in the $5+ million categories which needs to be fixed (if it hasn't already), but overall rich people pay 3-4x more in taxes as a percentage of their income than regular people. How much more do you want them to pay? 5x? 10x?

    The aggregate income of those making $1+ million is only $720 billion. If you raised their real tax rate to 100% (i.e. confiscated all the income of people making $1+ million/yr), you'd only increase tax revenue by $545 billion.

    The bulk of the U.S. income base remains between $50k-$500k, with the modes (peaks) at $100k-$200k ($1.78 trillion in aggregate income), and $50k-$75k ($1.02 trillion). That's where you need to tax if you want to produce the biggest increase in revenue. Unfortunately Obama has vowed not to increase taxes there, meaning it's mathematically impossible to pay for our current deficits purely with tax increases.

    [/citation]If the gov kept things like healthcare without any private profit interests (both in the health AND insurance sector) the healthcare would be cheaper and better since a bunch of greedy middle fingers have been cut out of the equation. The basic needs like healthcare and school should not be run by corps who is only interested in maximizing their profit.[/citation]
    As I explained, the U.S. government already spends more on health care per taxpayer than Canada does. The problem isn't the private health care system.
  • 2 Hide
    NuclearShadow , January 5, 2013 11:45 PM
    Somebody forgot to pay the annual bribe.
Display more comments