Fellow South Korean consumer electronics giants Samsung and LG were fined in their homeland in 2011 for price fixing its displays. And now the two companies are under fire in China for allegedly manipulating the prices of its flat panels. China’s National Development and Reform Commission has ordered Samsung and LG, together with four other companies, to pay a combined 353 million yuan or $56.7 million. Joining the two companies are Innolux, AU Optronics, HannStar Display, and Chunghwa Picture Tubes.
The Chinese government says that these companies conducted secret meetings in Taiwan and South Korea, from 2001 to 2006, to agree on the prices of their liquid crystal display panels. The commission is also accusing the six companies of sharing confidential information. LG is expected to pay 118 million yuan while Samsung will be paying the 101 million. In a statement released today, the commission writes, “The enterprises involved in the price monopoly acts have harmed the legitimate rights and interests of the domestic color TV enterprises and consumers. The companies confessed to their crimes.”