Court Approves Euro Cement settlement

Court Approves Euro Cement settlement
Published: 29 August 2006

A Moscow court validated the settlement of an antitrust case between Euro Cement Group, Russia’s biggest cement maker, and the federal government, which may help provide affordable new apartments in Russia. The city court approved a Federal Anti-Monopoly Service order for Euro Cement to pay the government a fine of 267 million rubles (US$9.9m), the service’s lawyers said by e-mail Friday.

Euro Cement must also tell regulators if it raises cement prices by more than five per cent in three months or buys more than 15 per cent of a cement maker, the company’s lawyers said. In return, the service ended a freeze on Euro Cement’s prices through year’s end that formed part of the original July 4 settlement between the company and the government.