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El Salvador: Court seizes US$2.6mn from company over refusal to pay fine

By  |  July 25, 2017
El Salvador: Court seizes US$2.6mn from company over refusal to pay fine

The Third Civil and Mercantile Court of San Salvador has ordered the seizure of three bank accounts belonging to the company Molinos de El Salvador (MOLSA) for resisting to pay a fine imposed by the Superintendence of Competition.

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    The sanction imposed by the Superintendence of Competition in 2008 was the result of MOLSA’s agreeing to split the national flour market with another company, a measure described as uncompetitive because it artificially raised the prices of the product nationally between 2002 and 2008.

    Given the reluctance of company representatives to answer for the delays, on July 11 the Prosecutor’s Office asked the Third Civil Court to freeze the three bank accounts totalling US $ 2.6 million.

    Full Content: El Salvador

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