BEIJING Jan 4 South Korean firms Samsung
Electronics Co Ltd and LG Electronics Inc
and four Taiwan companies were fined millions of
dollars on Friday for allegedly manipulating the prices of
liquid crystal display panels in the Chinese market, the
state-run news agency Xinhua reported.
Samsung and LG, as well as Taiwan's Chi Mei Optoelectronics,
AU Optronics, Chunghwa Picture Tubes and
HannStar Display from Taiwan were fined 353 million
yuan (about $56 million) for price-rigging between 2001 and
2006, Xinhua quoted the National Development and Reform
Commission as reporting.
The NDRC, a top planning agency and price regulator, launched
an investigation after receiving multiple complaints from
December 2006 about alleged price-rigging by the companies,
The companies acknowledged holding 53 meetings from 2001-2006
to fix prices for LCD goods sold in China, the report said.
The companies have reimbursed 172 million yuan ($27.3
million) and agreed to extend warranties of their LCD panels in
China from 18 months to 36 months, according to Xinhua.
(Reporting by Terril Yue Jones; Editing by Ron Popeski)