Samsung SDI, LG Electronics fined by EU for collusion

The European Union has imposed its biggest ever fine of almost 1.47 billion euros on a cartel of six companies, including LG Electronics and Samsung SDI.

The fine was handed down to the cartel for fixing the prices of television and computer monitor tubes over a ten-year period.

The EU antitrust Commissioner Joaquin Almunia said the actions ''feature all the worst kinds of anticompetitive behavior”.

Companies in the cartel include South Korea's leading electronics makers LG and Samsung, as well as Panasonic and Toshiba.

Taiwanese company Chunghwa escaped fines by being the first to reveal the cartel's actions to the EU.