Cement News tagged under: Cartel
Brazil’s CADE fines six cement companies US$1.4bn for price-fixing29 May 2014, Published under Cement NewsBrazil’s antimonopoly authority CAD has fined six cement companies a total fine of BRL3.1bn (US$1.4bn) for fixing market prices. Votorantim Cimentos SA , Camargo Correa-owned Intercement Brasil, ITAB Agro Industrial SA and Cia Cements Itambé SA, Holcim and Cimpor agreed to fix prices to eliminate market competitors, said CADE in a10-hour hearing. Votorantim has been ordered to pay BRL1.5bn, Holcim BRL508m, Itabira BRL411m, Cimpor BRL297m and Intercement Brasil BRL241m. CADE has also ... |
Cade likely to impose fine on Brazil producers24 January 2014, Published under Cement NewsBrazil's antitrust watchdog Cade is likely to impose fines totalling BRL3.1bn (US$1.3bn) on six cement producers for alleged market collusion. Late Wednesday, four of five members of the board of Brazil's Administrative Council for Economic Defense, or Cade, voted for the penalties, while the remaining member requested a review of the process. Under the regulator's rules, during the review period Cade members can change their votes. Cade didn't offer a timetable for a final decision. Ac... |
Madras Cement quarterly net profit down 44%30 July 2013, Published under Cement NewsMadras Cement’s net profit for the first quarter of 2013-14 dropped by 44 per cent compared to the corresponding quarter of last year. Net profit for the quarter ended 30 June 2013, stood at INR68.85 crore on a total income of INR 987.18 crore. Expenditure rose by 11 per cent to INR839.70 crore. The company has deposited INR25.86 crore, which is 10 per cent of the penalty levied by the Competition Commission of India for alleged cartelisation, pending final judgment, the release s... |
Indian producers forced to make 10% provision of CCI fine10 July 2013, Published under Cement NewsThe 11 cement companies fined by the Competition Commission of India (CCI) last year will be forced pay 10 per cent of the total amount levied in the June quarter of this year. The Supreme Court has instructed the companies in question to abide by the Competition Appellate Tribunal’s directive to pay 10 per cent of the INR60bn (US$1.1bn) record high fine issued for cartel practices back in June 2012. The top four cement companies — ACC, Ambuja Cements, UltraTech Cement and Jaiprakas... |
UltraTech to take tribunal plea to Supreme Court on Monday07 June 2013, Published under Cement NewsIndia’s Supreme Court will hear UltraTech Cement's plea challenging an order issued by the Competition Appellate’s Tribunal (COMPACT) on 17 May 2013 instructing the cement companies charged with cartel practices to pay 10 per cent of the penalty imposed by the Competition Commission of India (CCI) last year. Following an appeal from several cement companies against the CCI’s record fine of INR6.3bn issued in June 2012, the tribunal ordered the cement producers to pay the 10 per cent withi... |
Indian producers directed to pay 10% of CCI penalty17 May 2013, Published under Cement NewsIndia’s Competition Appellate Tribunal has said that cement companies must pay 10 per cent of the INR6307 crore penalty issued to them by the Competition Commission of India (CCI) for cartel practices. Passing an interim order, a COMPAT bench headed by its chairman Justice VS Sirpurkar asked the 11 producers in question along with the Cement Manufacturers Association to pay around INR630 crore within a month, according to reports by the Press Trust of India. The matter is scheduled for a ... |
Argentina’s Supreme Court rejects cartel arguments09 May 2013, Published under Cement NewsThe Argentine Supreme Court rejected Wednesday the arguments provided by the country’s five largest cement companies – Loma Negra, Minetti, Cemento San Martin, Petroquímica Rivadavia, Cement Avellaneda - and its cement association AFCP against a combined ARP310m (US$60m) fine imposed by the state for price and market fixing. The court’s decision draws a line under a legal battle that started eight years ago when the original complaint was made under the Roberto Lavagna administration. The... |
South Korean cement producers to withdraw price hikes24 April 2013, Published under Cement NewsMajor cement producers in South Korea have withdrawn price rises announced earlier in 2013 and will maintain current prices for a year. Manufacturers such as Tongyang Cement, Hanil Cement and Sungshin have sent official notices to ready-mix concrete companies and construction contractors stating that they would freeze prices for a year, according to reports by the Korea Economic Daily. Since February, cement producers have been planning to initiate a 9-10 per cent price increase due to... |
South Korean cement producers face cartel probe10 April 2013, Published under Cement NewsSeven cement producers in South Korea are being investigated by the country’s Fair Trade Commission for alleged price collusion. According to local press reports, the commission sent its investigators on the 9 April 2013 to the sites of Ssangyong Cement Industrial, Hanil Cement Tongyang Cement, Sungshin Cement, Lafarge Halla, Asia Cement, and Hyundai Cement in order to conduct the probe which is expected to last two days. An industry source told the Korea Economic Daily: “Lately cemen... |
German Federal Court confirms HeidelbergCement’s cartel fine09 April 2013, Published under Cement NewsGermany’s Federal Court has confirmed the 2009 fine imposed on HeidelbergCement by the Higher Court of Düsseldorf at a reduced level of EUR161.4m, the German cement major said in a statement on Tuesday. “We have to accept the verdict of the Federal Court of Justice, and we state that the law suit has now been concluded after a long period of time,” says Dr Bernd Scheifele, Chairman of the Managing Board of HeidelbergCement. HeidelbergCement and other cement producers were initially... |