Russia’s Eurocement reaches settlement with antitrust body

Russia’s Eurocement reaches settlement with antitrust body
04 July 2006

Russia’s largest cement producer Eurocement has reached a settlement with the Federal Antimonopoly Service (FAS) on antitrust charges, Eurocement’s lawyer Dmitry Afonasiev and FAS’ deputy director Andrei Tsiganov said. 
Details on the settlement, which was reached June 30, were not provided.
In addition, the Federal Arbitration Court for the Moscow court district postponed from Monday until Friday hearings of a complaint filed by the FAS seeking to oblige Eurocement to cease alleged antitrust violations. The court postponed the hearings after the parties submitted the text of the settlement.  
The antitrust watchdog was challenging a ruling of Russia’s Ninth Arbitration Court of Appeals, dated March 31, which canceled the FAS’ ruling that obliged Eurocement to cease the violations.  
Under the FAS’ ruling Eurocement was expected to pay 1.915 billion rubles of its uncompetitive earnings to the federal government.  
The FAS also obliged Eurocement to lower its weighted average cement price to no more than 1,361 rubles per tonne and set its maximum cement price at 1,497 rubles per tonne. The prices exclude value-added tax (VAT) and railway transportation tariffs.  
Published under Cement News