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Financial News: COLOMBIA: Council Of State Ratifies Sanction To Holcim

COLOMBIA: Council Of State Ratifies Sanction To Holcim For Cement Cartel

06/25/2018 - 15:18:00 (RTTNews)

(RTTNews) - Colombia's State Council confirmed the sanctions for the sanction imposed by the Superintendency of Industry and Commerce to Holcim Colombia and its legal representative, Bernard Gerard Terver, for infringing the legal regime of free competition.

The sentence revoked the decision of the Administrative Court of Cundinamarca, which had declared the expiration of the power of the Superintendence of Industry and Commerce to impose sanctions.

The ruling issued on June 21 found proof that the company Holcim carried out conducts tending to manipulate the price of portland type 1 gray cement and to distribute the market for that product.

As in the case of Cemex, the State Council warned the emergence of indications about the existence of market sharing agreements and allocation of production quotas between the companies Holcim Colombia, Cemex Colombia and Argos, affecting prices, supply and the management of sales of gray cement nationwide.

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