That’s rich: China accuses foreign manufacturers of price manipulation
China has fined Samsung Electronics, LG Display, and four other component companies over apparent price fixing activity. The Korean conglomerates will owe the bulk of the 353 million yuan ($56.7 million) fine, with LG Display to pay 118 million yuan and Samsung101 million yuan. According to the country’s National Development and Reform Commission, the six companies held 53 meetings in Taiwan and South Korea between 2001 and 2006, where they agreed on prices for LCD displays and shared other confidential information. The US and Europe have previously fined the same companies for cartel-like behavior. Still, it’s ironic for China to be the one crying foul in the arena of electronics fair trade. [Source: Bloomberg]
