Colombia’s State Council has confirmed the COP923m (US$315,784) and COP138m penalties issued by the Superintendence of Industry and Commerce (SIC) to Cemex Colombia SA, according to El Universal.

"The ruling reveals the emergence of indications about the existence of market share agreements and the allocation of production quotas between the companies Cemex Colombia SA, Holcim Colombia SA and Argos, which affected the behaviour of prices, the effect of supply and the handling of grey cement sales at the national level," the State Council said.

According to the ruling, the practice was indicated when the companies presented matching economic behaviour during a certain period of time.