Chile: Asphalt suppliers fined $3bn over price-fixing deal

Chile’s TDLC has issued a series of fines totalling $3 billion dollars on the country’s three largest asphalt manufacturers. The move follows a recommendation from the TDLC’s counterpart, the National Economic Prosecution (FNE). The FNE’s investigation had fingered Enex, Asfaltos Chilenos, Química Latinoamericana and Dynal Indusstries SA as participating in a collusion deal involving the four largest players in the market. The deal involved mechanisms to assign contracts for construction and repair work.

The FNE’s investigation has found that the arrangement between these suppliers was in place from 2011 to 2012, allowing the four companies to sell their services to construction companies at higher rates than would be expected from “a competitive context.”

Enex, part of the international Luksic group, avoided being fined by the TDLC after submitting to Chile’s leniency program and providing valuable information which helped conduct the FNE’s investigation.

Full content: Crónica Viva

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