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China slaps LCD makers, including Samsung and LG, with $56m penalty for price fixing
China’s National Development and Reform Commission has issued a hefty penalty totaling $56 million (353 million RMB) against several foreign LCD makers, including Samsung and LG, for monopolistic behavior and a price-fixing conspiracy.
China News reports that Samsung’s portion of the fine was $16.2 million (101 million RMB) and LG’s penalty was $18.9 million (119 million RMB). Taiwan’s CMO, AUO, CPT and HannStar were also named in the judgment.
At issue were 5.14 million LCD panels sold by the companies from 2001 to 2006. Samsung was on the hook for 826,000 units, while LG was responsible for 1.9 million displays. The LCD makers were accused of holding “Crystal Conferences” where they allegedly colluded on panel pricing for the mainland market.
NDRC official Xu Kunlin told local reporters that corrective measures have been proposed to the companies going forward. Those include abiding by Chinese laws, protecting competition in the market and ensuring the rights and interests of operators and consumers. It also includes guarantees to deal fairly with Chinese TV businesses with respect to sourcing and warranty service.
China Slaps Foreign LCD Makers with $56M Penalty for Price Fixing
我国对外企价格垄断开首张罚单 三星等被罚3.53亿
China’s National Development and Reform Commission has issued a hefty penalty totaling $56 million (353 million RMB) against several foreign LCD makers, including Samsung and LG, for monopolistic behavior and a price-fixing conspiracy.
China News reports that Samsung’s portion of the fine was $16.2 million (101 million RMB) and LG’s penalty was $18.9 million (119 million RMB). Taiwan’s CMO, AUO, CPT and HannStar were also named in the judgment.
At issue were 5.14 million LCD panels sold by the companies from 2001 to 2006. Samsung was on the hook for 826,000 units, while LG was responsible for 1.9 million displays. The LCD makers were accused of holding “Crystal Conferences” where they allegedly colluded on panel pricing for the mainland market.
NDRC official Xu Kunlin told local reporters that corrective measures have been proposed to the companies going forward. Those include abiding by Chinese laws, protecting competition in the market and ensuring the rights and interests of operators and consumers. It also includes guarantees to deal fairly with Chinese TV businesses with respect to sourcing and warranty service.
China Slaps Foreign LCD Makers with $56M Penalty for Price Fixing
我国对外企价格垄断开首张罚单 三星等被罚3.53亿
