Colombia: SIC confirms cartelisation sanctions

Colombia: SIC confirms cartelisation sanctions
24 April 2018

The Colombian Superintendent of Industry and Commerce (SIC) has ratified sanctions imposed in December on Argos, Holcim Colombia and Cemex Colombia, for price cartelisation between 2010-12. The three cement producers have been fined a combined COP201,616m (US$71.7m).

Cementos Argos will have to pay a fine of COP73,771m, the same sum already paid by Cemex at the start of this year. Holcim’s fine amounts to COP54,074m.

Following an indication that they will pay the fine in the next few days, Cementos Argos said they will file an annulment action before the Contentious Administrative Tribunal. "We do not share the sense of the decision and we reject it emphatically. Relying on the objectivity, responsibility and proper functioning of the institutions, we will file an action for nullity and reinstatement of the right before the Contentious Administrative Tribunal in order that said entity assess the solid arguments presented by Argos and proceed in law with the nullity of the resolution of the SIC,” said the company.

Cemex Colombia paid the fine on 4 January, but did not lodge any appeal, arguing that in the investigation and observations of the reasoned report it presented a solid legal and economic argument that distorted the charges formulated by the SIC, but this was never taken into account by the control entity, according to Cemex.

Published under Cement News