Key Apple Suppliers Accused of Price Fixing in China
A number of tech industry heavyweights are coming under fire in China for alleged price fixing activities in China. Some of the names, however, include key Apple suppliers like Samsung and LG.
In addition, AU Optronics Corp., Innolux Corp., Chunghwa Picture Tubes Ltd. and HannStar Display Corp. also were cited by China's National Development and Reform Commission for holding top secret, closed-door meetings in which these power-players conspired to fix the prices of LCD panels.
Bloomberg confirms that the six companies are being ordered to pay a combined 353 million yuan ($56.7 million). LG Display and Samsung will pay the biggest penalties at 118 million yuan and 101 million yuan respectively.
“The enterprises involved in the price monopoly acts have harmed the legitimate rights and interests of the domestic color TV enterprises and consumers,” said the commission, adding that the companies “confessed to their crimes.”