• Restoring sanity to SA

    We should be driven by the thought that SA belongs to all who live in it, says Solly Moeng.

  • Clamouring for action

    2017 will see battles between politicians as well as those tired of politicking, says Daniel Silke.

  • Realistic dreaming

    Preparation and sound advice will turn entrepreneurial dreams into reality, says Ian Mann.

All data is delayed
Loading...
See More

Samsung, LG fined $38.5m for price-fixing

Jan 12 2012 09:18
AFP

Seoul - South Korea's competition watchdog said on Thursday it has fined two top electronics makers a total of 44.64 billion won ($38.5m) for fixing prices of their main home appliances.

Samsung Electronics and LG Electronics were fined 25.81 billion won and 18.83 billion won respectively for fixing the prices of washing machines, flat-panel TVs and laptop computers, the Fair Trade Commission said.

It said the firms held secret meetings between 2008 and 2009 and colluded to keep washing machine prices at agreed levels, while prices of flat-panel TVs and laptop computers were also manipulated.

The Korean firms are top players in each sector.

"Their price-rigging caused damage to many consumers by leading the prices of washing machines, flat-panel TVs and laptop computers to rise more than other competing products," the commission said in a statement.


* Follow Fin24 on FacebookTwitter and Google+.

samsung  |  lg  |  price-fixing

NEXT ON FIN24X

Where is my luggage?

2016-12-08 19:38

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about: SMALL BUSINESS

From fossils to finance – that’s been the career trajectory of Dr Merrill van der Walt, a palaeontologist until recently. She is now a statistician with a difference.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

SA's avoidance of junk status by rating agencies: Moody's and Fitch

Previous results · Suggest a vote

Loading...