Samsung Sues Sharp for W600 Billion

      January 23, 2017 09:58

      Samsung has filed a W600 billion lawsuit against Sharp for damages after the Japanese firm decided to stop supplying it with LCD TV screens (US$1=W1,178).

      An industry source last week said Samsung filed an arbitration request with the International Chamber of Commerce in New York against three companies, including Sharp.

      Samsung is seeking around US$492 million in compensation.

      Samsung signed a contract with Sharp last September for the supply of TV LCD panels this year, but Sharp unilaterally canceled it in November because it was taken over by Foxconn, which apparently wants to make its own TVs.

      Sharp was originally contracted to supply 6 million LCD panels for 10 percent of Samsung's annual TV output. Samsung has been forced to turn to rival LG Display and other suppliers instead.

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