The Dutch consumer watchdog has fined Samsung more than 39 million euros ($45 million) for having an “undue influence” on the price of television sets sold by online retailers.
The Netherlands Authority for Consumers and Markets on Wednesday announced fines for the electronics giant’s Benelux arm.
“Previously on the price recommendations, Samsung ensured that retailers raised their prices to the market value that Samsung wanted,” ACM Board Chairman Martijn Snoep said in a statement.
“Samsung’s practices impeded competition at the retail level, and resulted in higher prices for consumers,” he said.
This practice was intended to influence the prices of new models of television sets which usually drop quickly after being introduced to the market.
“Through this price coordination, Samsung protects its own margins as well as retailers’ margins at the expense of consumers,” ACM said.
Samsung said in a written response that it would appeal.
“We are disappointed with ACM’s decision, as we believe that Samsung Electronics Benelux … did not violate competition laws in the Dutch TV market, as alleged by ACM,” the company said.