Colombia’s Superintendency of Industry and Commerce, led by Pablo Felipe Robledo, has announced sanctions against several international cement companies for allegedly engaging in uncompetitive practices that date back to August 2013. The 4-year investigation concluded with a recommendation of sanctions against Swiss cement-makers Holcim, Colombia’s Cementos Argos and Mexico’s Cemex.
According to the SIC, these three companies colluded to alter the pricing of cement between 2010 and 2013, “causing a rise of up to 30% in the value of concrete” and, in addition, establishing exclusive areas for sales of their products. Charges of procedural fraud and false testimony were also raised against Argos executives, as well as penalties that could reach 70 billion Colombian pesos (US$23.8 million).
According to the investigation, there is also evidence of manipulation of the pricing information delivered by the companies with the intent of purposely confusing the investigators and concealing any participation of the companies in the cartel. Lastly, the investigation also succeeded in acquitting Cementos Tequendama and Cementos San Marcos, as no evidence was found of their participation in the cartel.
Full Content: La Republica
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
UK Probes Lindab’s Acquisition of HAS-Vent Amid Fears of Market Monopoly
Apr 28, 2024 by
CPI
Shein Faces EU Regulations Over User Data
Apr 28, 2024 by
CPI
Google Fights Back Against US Antitrust Lawsuit
Apr 28, 2024 by
CPI
US Homeland Security Establishes Blue-Ribbon Board with Tech CEOs to Advise on AI
Apr 28, 2024 by
CPI
FTC Accuses Amazon Executives of Using Disappearing Messaging Apps to Conceal Evidence
Apr 28, 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