Juan Minetti, Loma Negra appeal government fine, Argentina

Juan Minetti, Loma Negra appeal government fine, Argentina
Published: 05 August 2005

Argentine cement companies Juan Minetti and Loma Negra have appealed several hundred million pesos in fines that the government imposed on them last week for price collusion in the cement industry.  

In brief, separate statements filed Thursday to the local stock exchange, Juan Minetti and Loma Negra said they submitted formal appeals on Wednesday.  

The biggest penalty of ARS138.7m ($1=ARS2.8625) had fallen on Loma Negra, which was sold earlier this year to Camargo-Correa of Brazil for $1.03bn. Juan Minetti was ordered to pay ARS100.1m, the second-largest penalty among the five cement producers that the government fined.  

Last week, when the Economy Ministry issued its resolution imposing the penalties, Juan Minetti said it "believes the supposed (price) accords are inexistent."