The Chinese Government has fined six businesses including technology giants Samsung and LG for fixing the prices of flat panel displays and thus altering the market prices. The total fine of $23M (£14.4M) was imposed in addition to an order to repay customers $27.5 M (£17M) who were affected by the pricing fix.
The agency involved in the investigation said that the executives met in total 53 times between 2001 and 2006 to arrange rates for the screens which were sold throughout China.
"Those involved turned out to have negotiated prices or manipulated prices [of the screens], hampering legitimate rights and interests of other parties and consumers," an agency official said.
A spokesperson from LG commented saying that "To prevent a recurrence of such problems, LG Display has been mending policies and executing them, and remains committed to operating with compliance and transparency,"
Samsung declined to comment.
The firms have gotten off lightly as the fines were imposed through China’s Price Law and not it’s Anti-Monopoly Law which has much heavier fines. The fines were issued in this way because of the dates in which the meetings were held.