Bloomberg News

Samsung, LG Conspire to Fix Prices, South Korea Regulator Says

January 13, 2012

Jan. 12 (Bloomberg) -- Samsung Electronics Co. and LG Electronics Inc., South Korea’s two largest electronics makers, conspired to boost prices for some of their products in their local market, the country’s antitrust regulator said.

The companies will be fined 45 billion won ($39 million) in total for fixing prices of washing machines, flat-screen TVs and laptop computers, the Korea Fair Trade Commission said in an e- mailed statement today.

Officials from Samsung and LG, the two largest makers of the products in South Korea, held meetings in Seoul between 2008 and 2009 to share information and raise prices, the commission said in its statement.

LG will step up efforts not to repeat the practice, Claire Jang, a spokeswoman for the Seoul-based company, said by phone.

Samsung, based in Suwon, South Korea, didn’t have an immediate comment as it hadn’t received official notice of the ruling yet, Chenny Kim, a company spokeswoman in Seoul, said by phone. Samsung will look into the matter when it receives relevant documents from the commission, she said.

--Editors: Terje Langeland, Garry Smith

To contact the reporter on this story: Jun Yang in Seoul at jyang180@bloomberg.net

To contact the editor responsible for this story: Michael Tighe at mtighe4@bloomberg.net


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus