China fines six firms - including LG and Samsung - over LCD price-fixing

China has imposed penalties totalling 353 million yuan (HK$434 million) on six manufacturers of flat panel screens, including Samsung and LG Display, for fixing prices.

It is the first time China has issued a penalty against a foreign firm for fixing prices. The penalty relates to infringements between 2001 and 2006.

The National Development and Reform Commission's (NDRC) penalty includes 144 million yuan in fines and the repayment of 172 million yuan that Chinese customers overpaid, the economic planning body said.

The US and the European Union have previously fined panel makers for fixing prices through similar cartels, including Samsung, LG Display and Sharp.

The other four companies included in the judgment are Taiwanese - Innolux, AU Optronics, Chunghwa Picture Tubes and HannStar Display.

The NDRC said investigators found representatives of LG, Samsung and the four Taiwanese suppliers met 53 times in the six years before 2006 to agree on prices to charge for flat panel screens sold to mainland manufacturers. The six suppliers sold 5.15 million flat panel screens under manipulated prices during the period.

Samsung sold 826,500, LG 1.93 million displays and Taiwan's Innolux 1.57 million.