Overclock.net › Forums › Industry News › Hardware News › [BGR] Samsung, LG and others fined $40 million in Korean price-fixing scam
New Posts  All Forums:Forum Nav:

[BGR] Samsung, LG and others fined $40 million in Korean price-fixing scam

post #1 of 9
Thread Starter 
Quote:
Korean regulators on Thursday fined domestic mobile phone manufacturers and carriers 45.3 billion won (roughly $40.2 million) for price-fixing and consumer fraud. According to the Fair Trade Commission, the companies secretly agreed to inflate the prices of cell phones while advertising offers with considerable incentives. The companies’ actions apparently tricked consumers into thinking they were buying a new phone for a bargain. “Companies took advantage of the complicated price setting practice in the mobile telecommunications sector to trick consumers,” an FTC official said. The Korea Times reported that Samsung, LG, Pantech, SK Telecom, KT and LG Uplus have all been find for their role in the scheme. In addition to the fine, the companies have been ordered to release information concerning the incentives they offered consumers, and they have been banned from offering such incentives in the future. SK Telecom was given the largest fine of 20.2 billion won, followed by Samsung with 14.2 billion won and KT at 5.1 billion won.

Source

Woe, that's gonna hurt...

Acer and other MFGs are going to capitalize on this, surely, I'd start a price war and make those suckers burn!
The Rock
(15 items)
 
  
Reply
The Rock
(15 items)
 
  
Reply
post #2 of 9
I don't think this is going to change anything in the west unless we follow suit (no pun intended) against these and other unscrupulous businessmen.

Way to go, South Korea! thumb.gif
post #3 of 9
Thread Starter 
Quote:
Originally Posted by gelatin_factory View Post

I don't think this is going to change anything in the west unless we follow suit (no pun intended) against these and other unscrupulous businessmen.

Way to go, South Korea! thumb.gif

You have a valid point, however, keep in mind that, these companies cannot lay the burden upon the consumers because the market competition is far too stiff, which means taking a heavy fine will really make these companies suffer, possibly even fold up if they don't have reserves..

Not to go political or anything, but sometimes I feel like they make all these laws so that they can sue big corps or companies, I look at it like, fattening the calves for the slaughters, let them get fat, then take them out and butcher the hell out of them... That's how I see laws in many countries, they seek to destroy...

To me if a company wants to charge $4000 for something that's only worth $40, that's their prerogative, not that consumers would pay for it, no way... Collusion and price fixing is NOT something you are going to stop, just look at the big tech companies, NVIDIA, AMD, & Intel, they dominate the markets, and you will find ALL of their processors and video cards "competitively" (not!) marked...

I'm sorry but there has got to be something that can open the markets up, and I think the only thing that can is consumers by not buying, e.g., when demand is down then prices fall...

Thankfully most of the world already has a PC or Laptop, that's why they are pushing Tablets now, while phones break or get lost a lot, so they will be replaced a lot more frequently than computers..

Not that I know anything, I'm just saying, we need something to change cost of parts & computers, they are getting way too expensive...

At least apple lowered the price for their new iPad by $100 less...
Edited by _GTech - 3/16/12 at 4:30am
The Rock
(15 items)
 
  
Reply
The Rock
(15 items)
 
  
Reply
post #4 of 9
err, this only applies to what they did in the korean market. no foreign company apart from apple has a major smartphone market share here, and this isn't going to suddenly make other companies competitive at all.

they also fined all three of the major telecommunications providers (KT, SKT and LG+).
First! (Updated!)
(13 items)
 
  
CPUMotherboardGraphicsRAM
i7 860 @ 4.0 GHz MSI P55-GD65 Gigabyte HD6950 Windforce 1GB G.Skill DDR-16000 4GB 
Hard DriveOptical DriveMonitorPower
Intel X-25 M G2 80GB, Samsung F3 1TB LG LN-24 23" Corsair HX850 
Case
Silverstone RV02-E 
  hide details  
Reply
First! (Updated!)
(13 items)
 
  
CPUMotherboardGraphicsRAM
i7 860 @ 4.0 GHz MSI P55-GD65 Gigabyte HD6950 Windforce 1GB G.Skill DDR-16000 4GB 
Hard DriveOptical DriveMonitorPower
Intel X-25 M G2 80GB, Samsung F3 1TB LG LN-24 23" Corsair HX850 
Case
Silverstone RV02-E 
  hide details  
Reply
post #5 of 9
And that's how you take care of that.

Well done Korea.
Multiverse
(16 items)
 
  
CPUMotherboardGraphicsGraphics
i7-950 Asus Sabertooth x58 Sapphire Radeon 6970 Sapphire Radeon 6970 
RAMHard DriveHard DriveOptical Drive
Samsung 120 GB OCZ Vertex 2 WD Caviar Black Asus DVD Dual Layer Burner 
CoolingOSMonitorKeyboard
Air Win 7 Premium 64 25.5" Asus 1920x1200 Logitech Ultra-Thin Illuminated 
PowerCaseMouse
Sparkle 80+ Gold 1000 watt modular CoolerMaster HAFx Logitech G5 
  hide details  
Reply
Multiverse
(16 items)
 
  
CPUMotherboardGraphicsGraphics
i7-950 Asus Sabertooth x58 Sapphire Radeon 6970 Sapphire Radeon 6970 
RAMHard DriveHard DriveOptical Drive
Samsung 120 GB OCZ Vertex 2 WD Caviar Black Asus DVD Dual Layer Burner 
CoolingOSMonitorKeyboard
Air Win 7 Premium 64 25.5" Asus 1920x1200 Logitech Ultra-Thin Illuminated 
PowerCaseMouse
Sparkle 80+ Gold 1000 watt modular CoolerMaster HAFx Logitech G5 
  hide details  
Reply
post #6 of 9
Quote:
Originally Posted by bk641 View Post

err, this only applies to what they did in the korean market. no foreign company apart from apple has a major smartphone market share here, and this isn't going to suddenly make other companies competitive at all.
they also fined all three of the major telecommunications providers (KT, SKT and LG+).

Apple is a foreign company?
Chatterwhite
(17 items)
 
  
CPUMotherboardGraphicsGraphics
Intel Core i5 4670k GRYPHON Z87 NVIDIA GeForce GTX 970 NVIDIA GeForce GTX 970 
GraphicsRAMHard DriveHard Drive
Intel(R) HD Graphics 4600 g.skill sniper 1866 8GB Mushkin Chronos 120GB Kingston SSD Now v300 256GB 
Hard DriveCoolingOSMonitor
2x WD Black in RAID 0 4TB Coolermaster Nepton 140XL Windows 10 Pro Yamakasi Catleap 1440P 
MonitorKeyboardPowerCase
ASUS V24H Corsair C70 EVGA Supernova 750 Thermaltake core v21 
Mouse
Roccat Kone+ 
  hide details  
Reply
Chatterwhite
(17 items)
 
  
CPUMotherboardGraphicsGraphics
Intel Core i5 4670k GRYPHON Z87 NVIDIA GeForce GTX 970 NVIDIA GeForce GTX 970 
GraphicsRAMHard DriveHard Drive
Intel(R) HD Graphics 4600 g.skill sniper 1866 8GB Mushkin Chronos 120GB Kingston SSD Now v300 256GB 
Hard DriveCoolingOSMonitor
2x WD Black in RAID 0 4TB Coolermaster Nepton 140XL Windows 10 Pro Yamakasi Catleap 1440P 
MonitorKeyboardPowerCase
ASUS V24H Corsair C70 EVGA Supernova 750 Thermaltake core v21 
Mouse
Roccat Kone+ 
  hide details  
Reply
post #7 of 9
If this is bad for anyone, it's the consumer.

Now they'll have to earn that money again.
   
AGP bencher
(14 items)
 
CPUMotherboardGraphicsRAM
Ryzen R7 1700 Gigabyte GA-AX370-Gaming 5 Sapphire HD 6950 2GiB 2x8GB KFA2 HOF DDR4-3600 
Hard DriveHard DriveHard DriveHard Drive
Crucial MX100 256GB Seagate 600 Series 240GB Seagate 7200.14 2TB Samsung F3 1TB 
CoolingCoolingCoolingCooling
EKWB Supreme HF XSPC Rasa GPU EK XT360 EK 4.0 
OSMonitorMonitorKeyboard
W10 Pro LG IPS235 LG E2250V KUL ES-87 
PowerCaseMouseAudio
SF Leadex II 650W Lian Li PC-A05NB Logitech G9 Xonar DX 
AudioAudio
SMSL SA-S3+Technics CB-250 Sennheiser HD555 
CPUMotherboardRAMHard Drive
AMD A10-5700 Gigabyte F2A75M-HD2 G.SKILL Ares 2133 CL9 Hitachi 5K750 
Hard DriveCoolingOSMonitor
Momentus .7 200GB Noctua NH-L9a Server 2012 R2 Standard AUO B156HW01 
PowerCaseOther
PicoPSU-80-WI-25V AIO Aluminium Handmade TP-Link Archer Something Something Wi-Fi AC 
CPUCPUCPUMotherboard
Core2Duo E6400 Core2Quad Q6600 Pentium Dual Core E5200 AsRock 4COREDUAL-SATA2 R2.0 
GraphicsRAMHard DriveOptical Drive
A dumpload of ancient AGP cards Kingston Value DDR2-667 CL4 2T @CL3 1T Seagate 160GB 7200.10 LG IDE DVD-ROM 
CoolingCoolingOSMonitor
Ghettomade CPU waterblock 49cc 2stroke engine copper radiator WinXP SP2 32bit ProView 17" 
PowerCase
Tacens Radix V 550W Ghetto aluminium bench 
  hide details  
Reply
   
AGP bencher
(14 items)
 
CPUMotherboardGraphicsRAM
Ryzen R7 1700 Gigabyte GA-AX370-Gaming 5 Sapphire HD 6950 2GiB 2x8GB KFA2 HOF DDR4-3600 
Hard DriveHard DriveHard DriveHard Drive
Crucial MX100 256GB Seagate 600 Series 240GB Seagate 7200.14 2TB Samsung F3 1TB 
CoolingCoolingCoolingCooling
EKWB Supreme HF XSPC Rasa GPU EK XT360 EK 4.0 
OSMonitorMonitorKeyboard
W10 Pro LG IPS235 LG E2250V KUL ES-87 
PowerCaseMouseAudio
SF Leadex II 650W Lian Li PC-A05NB Logitech G9 Xonar DX 
AudioAudio
SMSL SA-S3+Technics CB-250 Sennheiser HD555 
CPUMotherboardRAMHard Drive
AMD A10-5700 Gigabyte F2A75M-HD2 G.SKILL Ares 2133 CL9 Hitachi 5K750 
Hard DriveCoolingOSMonitor
Momentus .7 200GB Noctua NH-L9a Server 2012 R2 Standard AUO B156HW01 
PowerCaseOther
PicoPSU-80-WI-25V AIO Aluminium Handmade TP-Link Archer Something Something Wi-Fi AC 
CPUCPUCPUMotherboard
Core2Duo E6400 Core2Quad Q6600 Pentium Dual Core E5200 AsRock 4COREDUAL-SATA2 R2.0 
GraphicsRAMHard DriveOptical Drive
A dumpload of ancient AGP cards Kingston Value DDR2-667 CL4 2T @CL3 1T Seagate 160GB 7200.10 LG IDE DVD-ROM 
CoolingCoolingOSMonitor
Ghettomade CPU waterblock 49cc 2stroke engine copper radiator WinXP SP2 32bit ProView 17" 
PowerCase
Tacens Radix V 550W Ghetto aluminium bench 
  hide details  
Reply
post #8 of 9

First cheap IPS monitors, now this? South Korea, best KOREA!

Phoneix
(33 items)
 
  
CPUMotherboardGraphicsRAM
Intel Core i7-3770K @ 5Ghz 24/7 ASRock Z77 Extreme4 GIGABYTE GeForce GTX 1080 XTREME Gaming Premium... G.SKILL 16GB (2 x 8GB) DDR3 1866 10CAS 
Hard DriveHard DriveHard DriveHard Drive
Western Digital Green WD20EARX 2TB 64MB Cache S... OCZ Vertex 4 128GB Western Digital My Book 5TB USB 3.0 Seagate Backup Plus 3TB USB 3.0  
Optical DriveCoolingOSMonitor
LG DVD Burner Corsair H110 Windows 7 Ultimate 64 bit PLANAR PX2710MW 27" 2ms 
MonitorMonitorKeyboardPower
ASUS VE248Q Black 24" 2ms LED QNIX QX2710 Evolution ll 27" 1440p 120Hz Corsair K70 MX Red switches Antec TruePower New TP-750 Blue 750W modular 
CaseMouseMouse PadAudio
Corsair Vengeance C70 Arctic White SteelSeries Sensei Fnatic Edition SteelSeries QcK+ DOTA 2 Edition (x2) FiiO E6 
AudioAudioAudioAudio
FiiO E09k Beyerdynamic DT 990 250 Ohm Audio Technica A700 Sennheiser HD 280 
AudioAudioAudioAudio
Sennheiser HD 201 Grado 60i M-Audio Studiophile AV40 Speakers Creative Sound Blaster Z  
OtherOtherOtherOther
Hauppauge WinTV-HVR 1850 Asus Dual Band (2.4GHz 300Mbps/5GHz 300Mbps) Wi... NZXT Hue LED strip controller Lamptron FC5 v3 fan controller 
Other
Ducky OCN.net DK9008G2 PRO (work) 
  hide details  
Reply
Phoneix
(33 items)
 
  
CPUMotherboardGraphicsRAM
Intel Core i7-3770K @ 5Ghz 24/7 ASRock Z77 Extreme4 GIGABYTE GeForce GTX 1080 XTREME Gaming Premium... G.SKILL 16GB (2 x 8GB) DDR3 1866 10CAS 
Hard DriveHard DriveHard DriveHard Drive
Western Digital Green WD20EARX 2TB 64MB Cache S... OCZ Vertex 4 128GB Western Digital My Book 5TB USB 3.0 Seagate Backup Plus 3TB USB 3.0  
Optical DriveCoolingOSMonitor
LG DVD Burner Corsair H110 Windows 7 Ultimate 64 bit PLANAR PX2710MW 27" 2ms 
MonitorMonitorKeyboardPower
ASUS VE248Q Black 24" 2ms LED QNIX QX2710 Evolution ll 27" 1440p 120Hz Corsair K70 MX Red switches Antec TruePower New TP-750 Blue 750W modular 
CaseMouseMouse PadAudio
Corsair Vengeance C70 Arctic White SteelSeries Sensei Fnatic Edition SteelSeries QcK+ DOTA 2 Edition (x2) FiiO E6 
AudioAudioAudioAudio
FiiO E09k Beyerdynamic DT 990 250 Ohm Audio Technica A700 Sennheiser HD 280 
AudioAudioAudioAudio
Sennheiser HD 201 Grado 60i M-Audio Studiophile AV40 Speakers Creative Sound Blaster Z  
OtherOtherOtherOther
Hauppauge WinTV-HVR 1850 Asus Dual Band (2.4GHz 300Mbps/5GHz 300Mbps) Wi... NZXT Hue LED strip controller Lamptron FC5 v3 fan controller 
Other
Ducky OCN.net DK9008G2 PRO (work) 
  hide details  
Reply
post #9 of 9
Quote:
Originally Posted by votum View Post

Apple is a foreign company?

It is if you're in South Korea. thumb.gif
    
CPUMotherboardGraphicsRAM
i5-2500K Biostar TP67B+ XFX HD5750 1GB 2x4GB DDR3 Corsair 1600 
Hard DriveOSMonitorPower
60GB OCZ SSD, 2x160GB HDD RAID0, 500GB+500GB+1.5TB Windows 7 Ultimate 64-bit Samsung SyncMaster 930B Antec SmartPower 450w 
Case
Antec 900 
  hide details  
Reply
    
CPUMotherboardGraphicsRAM
i5-2500K Biostar TP67B+ XFX HD5750 1GB 2x4GB DDR3 Corsair 1600 
Hard DriveOSMonitorPower
60GB OCZ SSD, 2x160GB HDD RAID0, 500GB+500GB+1.5TB Windows 7 Ultimate 64-bit Samsung SyncMaster 930B Antec SmartPower 450w 
Case
Antec 900 
  hide details  
Reply
New Posts  All Forums:Forum Nav:
  Return Home
  Back to Forum: Hardware News
Overclock.net › Forums › Industry News › Hardware News › [BGR] Samsung, LG and others fined $40 million in Korean price-fixing scam