China fines Asian LCD cartel for price fixing

Chinese regulators have imposed a 353 million yuan ($57-million) fine on two Korean and four Taiwanese LCD manufacturers including electronic giants Samsung and LG, on charges related to price fixing of liquid crystal display (LCD) panels.

China's National Development and Reform Commission (NDRC), the national body for economic and social development and also the nation's pricing and anti-monopoly regulator has fined the cartel for pricing irregularities during the period from 2001 to 2006.

"The enterprises involved in the price monopoly acts have harmed the legitimate rights and interests of the domestic color TV enterprises and consumers," NDRC said in a statement.

The Chinese move is the latest in a series of punitive actions on global LCD cartels by other governments including the US and the European Union.

The Taiwanese firms penalised include Chimei Innolux, AU Optronics, Chunghwa Picture Tubes and HannStar Display.

All the six firms fined have denied responsibility for the charges framed against them.