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LG Display agreed to pay damages ordered by the Chinese government for fixing the price of its panels, while Samsung Display said it would need more time to look into the issue.
On Friday, the world’s two top makers of liquid-crystal display panels ― Samsung and LG Display ― were ordered to pay $35 million in damages by China’s National Development and Reform Commission for price-rigging its panels.
The commission said it fined Samsung 101 million yuan ($16.2 million) and LG 118 million yuan, for fixing prices LCD panels that were supplied to Chinese TV makers between 2001 and 2006.
“LG Display has been realigning the firm’s policies to put a stop to the past wrongdoings. We will also further work toward strengthening transparency in our businesses and to keep ourselves on track,” said an LGD official. He added that the firm had no plan to file an appeal involving the decision at this point.
Samsung also said it would put more effort into making improvements, but said time was needed to review the decision released by the Chinese authorities.
It was the first time China had imposed penalties on foreign firms over anti-trust issues. Four Taiwanese firms ― Chi Mei Optoelectronics, AU Optronics, Chunghwa Picture Tubes, and HannStar Display were also given a fines totaling 353 million yuan, according to the Chinese authorities.
Samsung and LG were both investigated in December 2006 by authorities in Japan, Korea, the European Union and the U.S. for alleged involvement in anti-competitive activity among LCD panel manufacturers.
LGD was ordered to pay $380 million in damages, the largest sum among defendants to settle the U.S. case, while Samsung was called on to pay $240 million.
By Cho Ji-hyun and news reports (sharon@heraldcorp.com)
On Friday, the world’s two top makers of liquid-crystal display panels ― Samsung and LG Display ― were ordered to pay $35 million in damages by China’s National Development and Reform Commission for price-rigging its panels.
The commission said it fined Samsung 101 million yuan ($16.2 million) and LG 118 million yuan, for fixing prices LCD panels that were supplied to Chinese TV makers between 2001 and 2006.
“LG Display has been realigning the firm’s policies to put a stop to the past wrongdoings. We will also further work toward strengthening transparency in our businesses and to keep ourselves on track,” said an LGD official. He added that the firm had no plan to file an appeal involving the decision at this point.
Samsung also said it would put more effort into making improvements, but said time was needed to review the decision released by the Chinese authorities.
It was the first time China had imposed penalties on foreign firms over anti-trust issues. Four Taiwanese firms ― Chi Mei Optoelectronics, AU Optronics, Chunghwa Picture Tubes, and HannStar Display were also given a fines totaling 353 million yuan, according to the Chinese authorities.
Samsung and LG were both investigated in December 2006 by authorities in Japan, Korea, the European Union and the U.S. for alleged involvement in anti-competitive activity among LCD panel manufacturers.
LGD was ordered to pay $380 million in damages, the largest sum among defendants to settle the U.S. case, while Samsung was called on to pay $240 million.
By Cho Ji-hyun and news reports (sharon@heraldcorp.com)
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Articles by Korea Herald
