Samsung, LG, Pantech and Others Fined $40 Million for Price Fixing
It looks like a few South Korean carriers and OEMs have gotten themselves into a bit of trouble with the South Korean government. Samsung, LG, Pantech, SK Telecom, KT and LG Upius have all been fined for price fixing, an illegal scheme which helps drive up the price of products for profit. The carriers and OEMs then advertise the device at a lower price through subsidization. It’s pretty much what most of the world is used to with cellular contracts, but it appears the South Korean government isn’t having any of that. Each of them were fined separate amounts which all added up to about $40 million dollars, with Samsung and SK Telecom getting hit with much of the bill. It sucks, but they have to deal with it. And at the end of the day, this is chump change for these cash cows. [Korea Times via Engadget]