China fines Samsung, LG and 4 others for 'fixing LCD prices'

Last Updated: Sat, Jan 05, 2013 06:30 hrs

Chinese trade regulators have asked Samsung, LG and four Taiwanese firms to pay 35 million pounds in fines for fixing the prices of LCD screens.

China's National Development and Reform Commission (NDRC) said the six firms met regularly from 2001 to 2006 to decide what to charge for displays.

In late 2011 the six paid the 553 million dollars to settle similar claims.

According to the BBC, the price fixing ring came to light as a result of a US Justice Department investigation and has led other governments and trade bodies to punish the six firms.

In 2010 the European Commission fined the six firms 649 million euros for operating the cartel.

Despite making the payments the six firms, which includes Taiwanese firms deny responsibility for the claims made against them, the report said.

According to the report, the NDRC fine involves the firms repaying all the profits they made in China as a result of price fixing, 21million pounds, as well as an additional penalty payment of 14 million pounds. (ANI)

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