A PYMNTS Company

Colombia: $1bn fine for Serviciudad

By  |  May 19, 2015

Colombia’s Superintendence for Industry and Commerce has issued a fine of up to one billion Pesos to be paid by water-management company Serviciudad. The company stands accused of engaging in conducts that represent an “abuse of market power”.

The SIC has judged that the company, along with legal representative Carlos Andrés Vega Ortiz (himself slapped with a 19.9 million fine) had blocked the access of competing firms in the drinking water distribution business in the Dosquebradas area. The company refused to share part of their infrastructure with newcomers Acuaseo, which was a direct violation of an order by the Drinking Water and Basic Health Regulation Commission.

The fine is considered quite steep, owing to the clear-cut evidence and the obvious economic impact of the firm’s actions.

Full content: La República

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.