Penalty Bombing
Samsung Electronics must pay a 46.5 billion won (US$45.4 million) fine in Europe for price fixing.
According to the AFP on Sept. 3, the E.U. levied fines worth €138 million (US$178 million) on companies involved in fixing the price of chips in smartphones and bank cards. Those companies include Philips with €20.1 million (US$26.0 million), Samsung with €35.1 million (US$45.4 million), and Infineon Technologies with the largest fine of €82.8 million (US$107 million).
It was ruled that these three firms exchanged information related to chip prices and discussed prices from Sept. 2003 to Sept. 2005.
In a statement, the European Commission said, "These companies fixed the price through bilateral contacts." Renesas Electronics, which also participated in price-fixing, was exempt from paying fines by exposing the collusion. Samsung cooperated with the E.U. in the investigation, and its fines were reduced by 30 percent as a result.