January 20, 2017 / 10:58 AM / 10 months ago

Trading house says Samsung seeks $429 million in LCD panel supply dispute

TOKYO (Reuters) - A Japanese electronics trading house said Samsung Electronics Co has filed a request for arbitration with the International Chamber of Commerce (ICC) over an LCD panel maker’s decision to stop supplies to the South Korean company.

Employees walk in the main office building of Samsung Electronics in Seoul, South Korea, in this file photo taken on January 6, 2016. REUTERS/Kim Hong-Ji

In a statement, Kuroda Electric Co said Samsung filed the request for ICC arbitration in New York against it and two other companies, seeking $429 million. Kuroda did not identify the two companies or the panel maker.

Kuroda said it had been the supplier of LCD panels for TV sets made by the maker and Samsung is seeking arbitration for damages stemming from the panel maker’s decision to stop the supply.

In December Japan’s Sharp Corp  and Taiwan’s Foxconn  decided to stop supplying LCD panels through their lossmaking joint venture to Samsung, a person familiar with the matter said.

Officials at Sharp, Foxconn and Samsung declined to comment.

Reporting by Taiga Uranaka and Makiko Yamazaki; Additional reporting by Se Young Lee in SEOUL

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