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.
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.