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Innovation

Samsung and LG fined over price fixing

South Korean regulators have fined a number of operators and phone manufacturers 45.3bn won (£25m) over price fixing, according to Yonhap News Agency.
Written by Tom Espiner, Contributor on

South Korean regulators have fined a number of operators and phone manufacturers 45.3bn won (£25m) over price fixing, according to Yonhap News Agency. Manufacturers Samsung Electronics, LG Electronics, and Pantech were fined, along with mobile operators SK Telecom, KT and LG Uplus, after regulators found the companies to have colluded to artificially inflate prices, Yonhap News Agency said.

The companies' adverts to consumers led consumers to believe they were getting a bargain, while obfuscating pricing by taking advantage of complicated pricing structures, said the South Korean Fair Trade Commission (FTC). In addition, the FTC wants the companies to release information about price incentives.

Samsung Electronics was fined 14.2bn won, and SK Telecom, South Korea's largest mobile carrier, was fined 20.2bn won.

European regulators are currently scrutinising meetings between Deutsche Telekom, France Télécom, Telefónica, Vodafone and Telecom Italia to see whether there are any antitrust concerns over the discussions.

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