Over 100 competition regulators from 92 countries have gathered in Cartagena, Colombia, to talk about free competition. Commenting on recent events in the host country, Marcus Bezzi, General Director for Australia’s competition agency, said to Caracol Radio that any company that engages in anticompetitive behaviour should be punished, criminally as well as financially.
Ana Martínez, Brazil’s representative, added that the sanctions imposed on the sugar cartel recently broken up by Colombia’s authorities had been set to low, especially when compared to the fines imposed by other countries. “In Brazil the highest penalty has been for one billion dollars, with fines equivalent to 20% of the company’s gross income, particularly in cases involving cartels and other serious violations.”
“It is important to detect cartels, and it’s a good thing that Colombia has the dynamics in place to pursue this. Each country must make the decision on how to prosecute cartels. However, criminal sanctions have an important element of deterrence.” said commissioner Bazzi, adding that he expects that the new law being discussed in Colombia’s congress will provide authorities with greater tools to fight cartels and other violations of antitrust laws.
Source: Caracol
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Redfin Settles $9.2M Commission Inflation Lawsuits
May 7, 2024 by
CPI
DOJ Supports Colorado’s Efforts to Block Kroger-Albertsons Merger
May 7, 2024 by
CPI
Japan Considers Regulation of AI Developers
May 7, 2024 by
CPI
European Commission Extends Decision Deadline for Ita-Lufthansa Merger
May 7, 2024 by
CPI
UK, US and Australia Sanction Senior Leader of LockBit Cybercrime Gang
May 7, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI