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Spain: Regulator fines cement makers for $30 million

By  |  September 13, 2016
Spain: Regulator fines cement makers for $30 million

Spanish regulator CNMC has slapped a $31 million dollar fine on 23 cement makers, accusing the companies of forming a cartel and breaching the country’s competition laws. The companies are accused of three different violations, including the sharing of restricted information; customer allocation deals and price-fixing. The cartel is thought to have operated on and off between 1999 and 2014.

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    Each one of the agreements, covering particular geographical areas (Northeast, Central and South), responds to a similar strategy and includes the participation of most of the companies involved. Four of the competing companies have also been discovered to have engaged in market allocation deals, affecting the prices, strategies and production volumes on a national level.

    The seriousness of the crime is increased due to the vital position cement takes in the national economy, being classed as an essential facility for other major sectors of the economy, particularly affecting consumers through higher prices in the construction sector, as well as raising costs for public works. The full list of companies, as well as the fines set for each, can be found on the CNMC website below.

    Full Content: CNMC

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