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LCD compensation funds withheld: report

(Global Times)

08:16, January 08, 2013

Two Chinese industrial societies have withheld 172 million yuan ($27.6 million) in funds to compensate domestic television enterprises, following a fine handed down to six LCD panel manufacturers, an industry insider told the Global Times Monday.

The National Development and Reform Commission (NDRC) announced Friday it would fine six LCD panel manufacturers - South Korea's Samsung and LG, and four Taiwan firms - 353 million yuan for illegally manipulating the price of LCD panels.

From that amount, 172 million yuan was to be allocated for compensating domestic television enterprises, the announcement said.

But the affected TV makers have not yet received any compensation, as the funds have so far been retained by the China Video Industry Association (CVIA) and Shenzhen CTU Hi-tech Ltd (CTU), an anonymous insider told the Global Times Monday. The CVIA refused to comment on the issue when contacted by the Global Times.

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