How many times can a company get fined millions of dollars for acting illegally – yet still carry on with the same kind of practices? When it comes to LCD panels, there doesn’t seem to be a limit. KitGuru gets word that the Chinese government themselves are now fining the usual suspects vast amounts of money for dodgy pricing practices before 2006.
In 2010, KitGuru carried a story about how Far East panel makers were fined more than $800 million for collusion to fix the price of screen panels.
Again, in 2011, there was another story on KitGuru about how six panel manufacturers were being fined $553 million in the USA for the same kind of illegal activity. The culprits were LG, Samaung, Chimei, Chunghwa, AU and HannStar.
In July 2012, Toshiba was forced to cough up $87 million for LCD price fixing when a court in California found them guilty.
China’s National Development and Reform Centre (NDRC) has put out a statement saying “The enterprises involved in the price monopoly acts have harmed the legitimate rights & interests of the domestic colour TV enterprises and consumers”.
KitGuru says: While these fines won’t put the companies involved out of business, it can’t be good for their collective profits. You’d think that the CEOs would get together and clean house – so they’re able to draw a (high definition) line under the affairs.
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