BEIJING, Jan 4 (Reuters) - 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, Xinhua said.
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)