Some leading names in consumer technology have been walloped by charges of price fixing in China. On Friday, word came to light that Samsung and LG are among those getting fined.
The matter relates to price fixing of LCD panels, which top smartphone and mobile device makers are no stranger to across the industry today.
In addition to Samsung and LG, AU Optronics and Innolux have also been hit with penalties by the Chinese government for price fixing.
All parties involved stand charged with holding dozens of private meetings to agree on prices for LCD panels.
“The enterprises involved in the price monopoly acts have harmed the legitimate rights and interests of the domestic color TV enterprises and consumers,” China’s National Development and Reform Commission announced today, adding that the companies “confessed to their crimes.”
The companies involved must pay a combined total of 353 million yuan – or $56.7 million – to help bring the matter to resolution.