Samsung, LG, Others Fined Millions Over Price Fixing
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.