Six LCD Screen Makers Fined $56 M Over Price Monopoly in China

Six LCD Screen Makers Fined $56 M Over Price Monopoly in China

by Alannah

On Friday (Jan.4) six makers of LCD screens were fined over $56 million by China’s NDRC for monopolizing the market.

An investigation discovered that between 2001 and 2006 the six companies had met every quarter to discuss market prices.

[Xu Xinyu, Section Chief, Anti-Monopoly Bureau, NDRC]:
“They weren’t just informative exchanges; they actually discussed how to keep in step with each other and sell the LCD panels at uniform prices in the global market at each phase.”

The investigation said that at 13 different meetings the manufacturers discussed the price of LCD screens for the coming months.

[Xu Xinyu, Section Chief, Anti-Monopoly Bureau, NDRC]:
“The six enterprises were too consistent in price bidding, in other words, fluctuations of their pricing in the same period were entirely identical.”
“In pricing discussions, the big six deprived others of a say in negotiations, giving our younger TV enterprises no room to bargain.”

Under China’s pricing laws, the manufacturers will have to pay back the profits they made in China through price manipulation. They will also have to pay a lump sum of $23 million in fines.

The six companies LG Electronics, Samsung Electronics, and four other Taiwanese Companies have been previously charged in US and European courts.

Most of the companies have indicated they will pay the fines and will not challenge the court’s decision.

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