SHANGHAI
China took a decision to issue fines to six global electronics giants, including Samsung and LG, for establishing a "monopoly price".
The Chinese Price Control and Supervision Administration, working as part of the Chinese National Development and Reform Committee, issued a total fine of 353 million Yuan (approx. 100 million Turkish liras) to six electronics giants for forming a monopoly on LCD screens.
The six electronics giants earned 208 million Yuan by selling 5.16 million LCD screens in an illegal way between 2001 and 2006.
A monopoly situation usually allows the firm to set a monopoly price which is higher than the price that would be found in a more competitive industry.
