Chile: Over $330 million in fines for retail sector in 2015

Chile’s retail sellers have accumulated fines in 2015 totalling $331.6 million in 2015. The sum takes into account fines and settlements involving retail chains Falabella, Cencosud, Ribley, La Polar, Hites, AD Retail and supermarket leaders Walmart and SMU.

Cencosud leads the pack with the highest amount in fines. The holding company, partly owned by businessman Horst Paulmann and involving the retail store chains Paris, Jumbo and Easy, has accumulated fines and obligations for $149.8 million.

Close behind is market leader Falabella, with $91.6 million in fines stemming heavily from competition violations. Closing off the pack are Walmart and SMU, with fines for 30 and 16.2 million dollars respectively, including a highly publicised competition case involving SMU.

Source: Economía y Negocios

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