2 Korean LCD makers fined in China for price fixing

The Chinese government has fined a combined 353 million yuan (56.6 million U.S. dollars) on six LCD manufacturers, including Samsung Display and LG Display of Korea, for price fixing, according to the semi-state run Chinanews.com Thursday.

This was the first time for Beijing to fine foreign companies for the offense.

LG was fined 118 million yuan (18.9 million dollars) and Samsung 101 million yuan (16.2 million dollars). Taiwanese companies CMI and AUO, CPTT and Hannstar Display Corp were fined from 240,000 (38,500 dollars) to 94.41 million yuan (15.1 million dollars).

Among the fines, 144 million yuan (23.1 million dollars) will be funneled to state coffers and the reminder will go to Chinese TV manufacturers that have purchased LCD panels from the companies.

koh@donga.com