South Korean & Taiwanese LCD screen makers hit with antitrust fines totally $175M

It seems that the South Korean antitrust agency thinks that there has been a little bit of collusion going amongst some of the LCD screen makers in South Korea as well as Taiwan.

The firms that have been picked out include Samsung Electronics, LG Display, AU Optronics and Chimei Innolux and it is asserted that they colluded from 2001 to 2006 to control the prices of panels for computers and televisions. Officials from the firms involved apparently held approximately 200 secret meetings over those six years to agree on the cutting or setting of prices, and to exchange confidential sales information.

As it stands right now the firms hold a combined 80 percent share of the global liquid crystal display (LCD) market and as such their action have hurt consumers by increasing prices of electronics reliant on those screens.

Samsung, which is the world’s largest LCD maker was hit with the heaviest of the fines at 97.2 billion won and followed by LG Display with a 65.5 billion won fine.

This follows on the fines handed out by the European Commission when six Asian LCD makers were fined a total of 649 Euros for their operating as a cartel for almost five years.

All companies involved have said that they will abide by the rulings.

via PhysOrg