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China fines LG, Samsung in flat panel price case
Friday - 1/4/2013, 12:30am EST
BEIJING (AP) - Chinese regulators have fined South Korean companies LG and Samsung and four Taiwanese companies on charges they fixed prices of flat panel screens sold to Chinese manufacturers.
The government announced Friday that LG, Samsung and the Taiwanese companies were ordered to repay a total of 172 million yuan ($27 million) to Chinese customers. In addition, the companies were fined a total of 144 million yuan ($22.8 million).
The Chinese Cabinet's economic planning agency said investigators found that representatives of the six companies met dozens of times in 2001-06 to agree on prices to charge for flat-panel screens. It said that improperly raised costs for Chinese manufacturers.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)