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Brazil: CADE sets bar high for cement cartel

By  |  January 23, 2014

Brazil’s antitrust regulator CADE is likely to impose high fines on six cement companies suspected of running a cartel affecting various Latin American nations, say reports.

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    Authorities are expected to fine up to $1.3 billion on the companies as four of its five board members voted for the penalty.

    The remaining member requested a review of the fining process.

    Reports of the predicted penalties come in the same week CADE rejected a settlement offer from one of the suspected cartel participants, InterCement.

    The six companies under review declined to comment on the matter. While details on the cartel are scarce, reports say the companies are accused of colluding between 1986 and 2007, partaking in behavior that lead to higher cement product prices.

    Full Content: Global Cement

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