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China fines LG, Samsung for price-fixing

Jan 04 2013 08:23 AP
LG TV

LG has begun sales of what it claims is the world's largest ultra-definition television. (Ahn Young-joon, AP)

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Beijing - Chinese regulators have fined South Korean companies LG and Samsung and four Taiwanese companies on charges they fixed prices of flat panel screens sold to Chinese manufacturers.

The government announced Friday that LG, Samsung and the Taiwanese companies were ordered to repay a total of 172 million yuan ($27m) to Chinese customers. In addition, the companies were fined a total of 144 million yuan ($22.8m).

The Chinese Cabinet's economic planning agency said investigators found that representatives of the six companies met dozens of times in 2001-06 to agree on prices to charge for flat-panel screens. It said that improperly raised costs for Chinese manufacturers.

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