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Mexico: SURA appeals “excessive” COFECE fine

By  |  August 28, 2017

SURA, a Mexican financial and investment fund management firm, has announced that it is proceeding with an appeal against the decision taken by the Federal Economic Competition Commission (COFECE), in response to alleged monopolistic practices in the country’s Retirement Funds (AFORE) market.

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    “COFECE applied the fine, we think it was excessive and we will exercise our right. News will take a long time, because the legal processes are quite long,” said SURA CEO Enrique Solórzano.

    COFECE imposed fines last May totalling 1.1 billion Mexican pesos (US$61.7 million) on AFORE XXI Banorte, Profuturo, Principa and SURA. Both Banorte and Sura have entered legal disputes against the sanction.

    Full Content: El Universal

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