China fines LG, Samsung in flat panel price case

A+
A
A-

In this Oct. 20, 2012 photo, Chinese people line up to enter a newly-opened Apple Store in Wangfujing shopping district in Beijing. A Chinese court has ordered Apple Inc. to pay 1.03 million yuan ($165,000) to eight Chinese writers and two companies who say unlicensed copies of their work were distributed through Apple’s online store. The Beijing No. 2 Intermediate People’s Court ruled Thursday, Dec. 27, 2012 that Apple violated the writers’ copyrights by allowing applications containing their work to be distributed through its App Store, according to an official who answered the phone at the court and said he was the judge in the case. (AP Photo/Andy Wong, File)

BEIJING—China has fined South Korea’s LG and Samsung and four Taiwanese companies a total of 144 million yuan ($22.8 million) for fixing prices of flat panel screens, the government announced Friday.

The move reflected Beijing’s growing enforcement of its laws on pricing and competition against global companies and some Chinese entities to support its economic development goals.

China’s economic planning agency said investigators found representatives of LG, Samsung and the four Taiwanese suppliers met dozens of times in 2001-06 to agree on prices to charge for flat-panel screens sold to Chinese manufacturers of computers, TV sets and other electronics. It said that improperly manipulated market prices.

In addition to the fines, the companies were ordered to repay a total of 172 million yuan ($27 million) to Chinese customers, the National Development and Reform Commission said in a statement. It said authorities also seized 36.8 million yuan ($5.8 million) from the companies, raising the total of money in the case to 353 million yuan ($56 million).

The Taiwanese companies are AU Optronics, Ltd.; Chunghwa Picture Tubes, Ltd.; HannStar Display Corp. and Chi Mei Corp.

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

  • i_am_filipino

    OR CHINA FORFEITING SAMSUNG AND LG PRODUCTS AND SELL AROUND THE WORLD TO DESTROY THESE COMPANIES

  • http://pulse.yahoo.com/_GUZISWUMVDD5QJUC7GBJKEM7XA prangka

    China accused these companies of manipulating market price but is it not China  doing the same thing by putting a cap on export of rare metal to jack up the prices worldwide?

To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.

Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:

c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94

editors' picks

advertisement

popular

advertisement

videos