Colombia: SIC fines cement companies US$66m

On Tuesday, December 12, Cementos Argos, Cemex and Holcim were fined over 200 billion Colombian pesos (US$66 million) by competition watchdog, Superintendency for Industry and Commerce (SIC), for fixing prices in Colombia.

Together the companies account for more than 96% of the nation’s cement market and allegedly agreed to set prices for cement during a nearly three year period between January 2010 and December 2012. During that time the price of cement spiked almost 30%, however inflation was merely 9.3%.

“Argos, Cemex and Holcim did not offer an economically reasonable or truthful explanation that would justify the price parallels, nor the way prices are set within these companies,” the trade and industry regulator said in a statement.

Holcim said in a statement that it disagreed with the regulator’s findings and that it had turned over “conclusive proof that demonstrates that this anti-competitive conduct never existed.” The company further stated that it will use “administrative resources and judicial actions” to protest the fine.

The other two cement companies also said that they will protest the fine and deny any wrongdoing.

Full Content: Stabroek News and Reuters

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