Samsung Electronics South Korea's tech giant, has filed a request for international arbitration against Sharp Corp. of Japan and two other panel makers, seeking US$492 million in compensation that it claims to be suffering from due to their halting of LCD panel supply, industry sources said Friday.
According to the sources, Samsung has filed the request with the International Chamber of Commerce (ICC) demanding that they resume panel supply or compensate the loss.
Sharp, taken over by Taiwan-based Hon Hai Precision Industry Co., said earlier it would stop supplying LCD panels to the world's largest TV maker Samsung.
Samsung, which receives an average of 4 to 5 million LCD panels every year from Sharp, has been in negotiation with other LCD suppliers such as LG Display Co. to reduce any impact on its business.
The prices of LCD panels soared during the latter half of 2016 with demand for LCD panels during the first half of 2017 expected to be above the level expected for the usual off season, the sources said. (Yonhap)