EC inspectors raid Samsung and Philips offices

<p>Philips and Samsung were raided by inspectors from the European Commission.</p>

Inspectors from the European Commission (EC) have raided the offices of major electronics companies including Philips and Samsung as part of a price-fixing investigation.

EC believes that the two firms are among a group of companies that work together to restrict the online availability of certain products, therefore driving up their cost.

"The commission has concerns that the companies concerned may have violated EU antitrust rules that prohibit anticompetitive agreements or concerted practices," EC said in a statement.

Samsung and Philips revealed they have been cooperative with the authorities on the issue, but details of the other companies involved have not been released yet.

EC is focusing on consumer electronics products and small domestic appliances in the investigation into online sales.

The share price of Samsung was down by almost one per cent in trading today (December 6th).

Samsung has also confirmed the opening of its European Innovation Centre at Fleet Place in London's financial and business district today.

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