02.11.11

LCD makers in fresh price fixing scandal

Ten LCD makers have been fined a total of 195 billion won (€0.13 billion) after South Korea’s competition watchdog found them guilty of holding secret meetings to keep the prices for flat screen displays artificially high.

Samsung Electronics and its associated companies in Taiwan and Japan were stung for a total of 97.2 billion won, the largest fine handed out. Three LG units received a 65.5 billion won fine and AU Optronics will have to shell out 28.5 billion won.

The 10 companies involved in the latest scandal collectively held an 80% market share for LCD screens. The manufacturers allegedly held more than 200 secret meetings between 2001 and 2006. The three Samsung companies and three LG companies were joined by AU Optronics, Chimei Innolux Display, Chungwha Picture Tubes and HannStar Display.

LCD makers have found themselves in trouble before when the European Commission handed out fines to LG Display, AU Optronics, Chimei InnoLux, Chunghwa Picture Tubes and HannStar Display last December.