• Voter paralysis

    With so much tilting voters against change, democratic reason is the loser, says Solly Moeng.

  • The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

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

 
 
 

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:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

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

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote

Loading...