Samsung, LG, Others Fined Millions Over Price Fixing

News
By Zak Islam
published

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.

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26 Comments Comment from the forums
  • Blessedman
    Isn't this the coffee calling the kettle black?
    Reply
  • nuvon
    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!
    Reply
  • A Bad Day
    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...
    Reply
  • A Bad Day
    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."
    Reply
  • szbxa
    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.
    Reply
  • madjimms
    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.
    Reply
  • A Bad Day
    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.
    Reply
  • 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.

    Reply
  • jn77
    When they stop price fixing, maybe I can get my 24 inch 4k OLED transparent flexible 10 point multi touch monitor for $399.
    Reply
  • samwelaye
    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
    Reply