Chinese cartel busters impose record fines on foreign LCD makers
The National Development and Reform Commission has started 2013 with a bang. On 4 January 2013, it announced that it had imposed sanctions of close to $56 million on six liquid crystal display makers from Korea and Taiwan, accusing the companies of illegal price-fixing.
These sanctions set an absolute record for antitrust offenses in China. NDRC’s decision is also significant in that it is the first that exclusively sanctions “foreign” companies (from outside Mainland China).
LCD panels are the main components of flat TV and computer monitors. China’s many TV and computer makers are buyers of LCD panels, and hence were the direct victims of the pricefixing activities.
The companies punished by NDRC are Samsung and LG from South Korea, and Chimei, AU Optronics, Chunghwa Picture Tubes and HannStar from Taiwan. With the exception of LG, these companies were also fined by the European Commission for the same cartel activities in 2010, and some of them were also targeted in investigations by the US Department of Justice and/or sued in private litigation in the United States…
If you are registered and logged in to the site, click on the link below to read the rest of the Hogan Lovells briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
Why register to The Lawyer
More relevant to you
News from Hogan Lovells
News from The Lawyer
Briefings from Hogan Lovells
The decision of the US Court of Appeals has raised questions about how issuers should present their disclosures on conflict minerals under Exchange Act Rule 13p-1 and Form SD.
An interesting judgment was delivered by the Honourable J Majiki on 19 November 2013 in the Eastern Cape High Court, Port Elizabeth.
Analysis from The Lawyer
As international firms question their future in these small, closely linked markets, local lawyers too are eyeing the business environment with caution
Beyond the headline infrastructure projects, UK construction work is still recovering from the clobbering it took during the slump