Cementos Argos, Cemex and Holcim fined COP200bn

Colombia has fined Cementos Argos, Cemex and Holcim over COP200bn (US$66m) for fixing prices, according to Reuters.

The fine has been applied to the companies and some of its managers. In total, the companies represent 96 per cent of Colombia’s cement market and allegedly agreed to set prices between January 2010 and December 2012. Cement prices in this period increased 29.9 per cent whilst inflation was just 9.3 per cent.

Holcim released a statement protesting the fine applied by the trade and industry regulator, saying that it had "conclusive proof that demonstrates that this anti-competitive conduct never existed. "Cementos Argos stated that it had given evidence against the decision and plans to take legal action. Similarly, Cemex has said that it will take legal action and that it disagreed with the conclusions made by the regulator.