FAS warns Eurocement Group

FAS warns Eurocement Group
Published: 01 June 2007

The Russian Antimonopoly Service (FAS) says it will fine the Eurocement Group, if the company raises prices for cement on June 1. The fine could exceed RUR500m.

FAS investigated  Eurocement activities two years ago after the company doubled cement prices and issued a writ to reduce prices and pay RUR19bn worth of illegal income to the budget.

After litigation the parties signed an amicable agreement. The company admitted the fact of the violation of the antimonopoly law and pledged to pay RUR267m to the budget and not raise prices over 5% per quarter without the approval of FAS, Vedomosti reported.