View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
  2. Networks
January 7, 2013

China slaps $56.6m fine on LCD makers for price fixing

Nearly 5.15 million LCD panels related to the price-fixing case were sold in mainland China

By CBR Staff Writer

National Development and Reform Commission (NDRC) of China has imposed $56.6m in fines against six South Korean and Taiwanese liquid-crystal-display (LCD) screen makers over price fixing.

The fine was the result of of a six-year probe by the European Union, South Korea and the US.

The alleged firms include South Korea’s LG Display and Samsung Electronics; Taiwan’s Innolux, AU Optronics, Chungwa Picture Tubes and HannStar Display,

Each of the firms met monthly between 2001 and 2006 to fix their price for LCD panels.

NDRC said that when selling LCD panels in mainland China, the enterprises involved had manipulated market prices based on information exchanged during their meetings.

"This has harmed the legitimate rights of other manufacturers and consumers," the commission said.

According to the Wall Street Journal, penalties against the six firms included an order that they return a collective $27.6m to domestic colour TV makers that purchased the display screens during the period.

Content from our partners
Green for go: Transforming trade in the UK
Manufacturers are switching to personalised customer experience amid fierce competition
How many ends in end-to-end service orchestration?

The commission also said that the firms assured they would increase the 18-month warranty on their manufactured products to 36 months.

An LG spokesperson told the The Next Web that the decision released by the Chinese National Development and Reform Commission concerns LCD panel price-fixing between 2001 and 2006.

"We do not expect this decision to impact our relationship with customers or panel sales. LG Display remains committed to operating with full transparency in providing the best quality products and services to its global customers."

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.