A PYMNTS Company

Colombia: $22 million USD fine for market-fixing tissue makers

By  |  April 11, 2016
Colombia: $22 million USD fine for market-fixing tissue makers

Jorge Enrique Sánchez, Deputy Superintendent for Competition Protection, issued a statement recommending his agency, Colombian market and industry regulator SIC, to issue a guilty verdict to the paper-makers involved in a multi-national price-fixing case in tissue paper and other paper products. The case, known as the ‘confort cartel’, could see companies fined with up to $68 billion pesos ($22 million USD), while top executives may face fines of up to $1.3 million ($438,000 USD)

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The case has upended Colombia’s tissue-paper market, worth over $1.2 trillion pesos ($384 million USD) a year. According to documents revealed by the SIC, prices would have been raised by the cartel by up to 30%, representing annual earnings of over $300 billion pesos ($96 million USD)

    The investigation revealed price-fixing agreements dating back over 16 years, running constantly at least until the end of 2013. The Kimberly-Clarke and Familia groups have been identified as the main instigators of the cartel, being permanent and active participants in a series of price-fixing processes.

    Full content: Diario Financiero

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