Cemex Colombia to pay SIC fine, object via litigation

Cemex Colombia to pay SIC fine, object via litigation
08 January 2018

Cemex Colombia announced that it proceeds to pay the value of the fine imposed by the country's Superintendency of Industry and Commerce (SIC) in September 2013, amounting to the sum of US$25.3m.

The investigation is in line with Resolution 81391 of 11 December 2017 which saw the SIC fine Cemex Colombia, along with Cementos Argos and Holcim Colombia) and to six individuals for price fixing of grey cement in the national market.

The company decided not to file an appeal for reversal against the SIC decision and said the payment is made in the appropriate time and manner.

The reason for this decision is that, throughout the investigation, as well as in the observations on the Motivated Report, the company presented a solid legal and economic argument that distorts the charges made by the SIC, according to a report in El Economista. However, to date these have not been taken into account by the entity, which is why it will go directly to the contentious administrative jurisdiction to file an action for nullity and reinstatement of the right against the decision, explains the entity in its report. In addition, the company added that it has the legal and economic arguments that demonstrate its correct action in the Colombian market, which is why the producer expects the Contentious Administrative Tribunal to evaluate and accept them, proceed to annul the charges formulated by the SIC and order the restitution of the sanction paid today with the adjustments provided by the Law.

Published under Cement News

Tagged Under: Colombia Cemex price fixing fine