Penalties levied on LCD makers

First time fines handed down to overseas firms for price fixing

The mainland on Friday joined an international crackdown on a price fixing conspiracy involving several suppliers of LCD screens, levying penalties of 353 million yuan ($56.6 million) on Samsung, LG and four Taiwan companies.

The settlement, though less punitive in the eyes of analysts, was considered a landmark move as it was the first time the country had punished overseas firms for price fixing.