Anonymous ID: bc1592 June 3, 2018, 5:15 p.m. No.1623652   🗄️.is 🔗kun

http://www.financecolombia.com/top-cement-companies-argos-cemex-holcim-hit-68-million-usd-fines-price-fixing/

 

Last week, Colombia’s industrial regulator levied combined fines of around $68 million USD (200 billion pesos) for alleged price-fixing against the top three cement companies operating in the country and executives working for the firms.

 

For illicit price-fixing on Portland “Type 1” cement, the Superintendence of Industry and Commerce (Superindustria) hit Cementos Argos S.A. and Cemex Colombia S.A. each with fines of more than $25 million USD (73.8 billion pesos) and Holcim (Colombia) S.A. with a fine of more than $18 million USD (54 billion pesos).

 

The three companies, according to the agency, make up some 96% of the Colombian cement market and allegedly flouted the law with their pricing practices during an investigation period that covered a three-year period from the start of 2010 through the end of 2012.