South Korea's leading display makers Samsung Display and LG Display were fined on Friday a total of 219 million yuan (around 35 million U.S. dollars) in China for price- rigging of flat panels.
China's National Development and Reform Commission fined Samsung Display 101 million yuan and LG Display 118 million yuan respectively over fixing prices of liquid crystal display (LCD) panels that were supplied to Chinese TV makers between 2001 and 2006.
"The decision released today in China by the National Development and Reform Commission concerns LCD panel price-fixing between 2001 and 2006," LG Display said in an e-mailed statement.
The flat screen maker noted that the decision will not impact its relationship with customers or panel sales, saying that the company remained committed to operating with full transparency in providing the best quality products and services to its global customers.
"Samsung stopped the related acts at the end of 2005. The company established and has strictly implemented the compliance management system. We will lead the creation of the global fair competition environment by aggressively carrying out the compliance management," Samsung Display said in an e-mailed statement.
Along with the two South Korean firms, four Taiwanese display makers were penalized a total of 134 million yuan (about 20 million U.S.dollars) over price-rigging of panels. The Taiwanese firms included Chi Mei Optoelectronics, AU Optronics, Chunghwa Picture Tubes and HannStar Display.
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