Russian antimonopoly agency fines LG subsidiary $39,200 for price fixing
MOSCOW, June 21 (RAPSI) – The Federal Antimonopoly Service (FAS) of Russia has fined LG Electronics RUS, a subsidiary of LG corporation, 2.5 million rubles ($39,200) for coordinating smartphone prices, the watchdog’s statement reads.
Earlier, the Service found out that the company coordinated economic activity of smartphone resellers leading to fixed prices.
The company was monitoring retailers with the use of a special program for the control of prices for certain LG smartphones. Moreover, LG subsidiary regularly received reports on prices from retailers, which also used “price robots” for the price control, the watchdog announced.
Amount of fine was mitigated by the fact that the LG subsidiary stopped conducting unlawful activity before launch of the case and assisted the Service during investigation. However, the lengthy period during which the violation was talking place was also taken into account.
In February, FAS conducted inspections in the Russian-based offices of LG and Philips companies on suspicion of price collusion during sales of technology. Audits have been reportedly carried out in technology companies concerning alleged price fixing since 2016.