9/29/2021, 1:09 PM (Source: TeleTrader)
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Samsung fined $47M for unfair trade practices

The Netherlands Authority for Consumers and Markets (ACM) will impose a fine of $47 million on Samsung Electronics, for alleged fixing of online retail prices of television sets from seven different retailers between January 2013 and December 2018, the regulatory body announced on Wednesday.

"Under the pretense of 'price recommendations,' Samsung made sure that retailers increased their prices to the market price that Samsung desired," said Chairman of the Board of ACM Martijn Snoep, stating that the company's actions "disrupted competition at the retail level" and caused price increases.

Samsung representatives maintained that the company did not purposefully influence retail prices, and announced that it would appeal the fine.

Baha Breaking News (BBN) / TT